For those of you who remember my rant a few months back on the Federal Reserve that was inspired by G. Edward Griffin’s book “The Creature from Jekyll Island,” here’s an interview you’ll find interesting…
Financial Sense Online has a transcript of a recent interview with Mr. Griffin discussing his book, the Federal Reserve, and central banking’s effects on the world around us. It’s a long interview, but interesting and worth your time, especially if you’d like a different view of how the world works.
In a related note, George Ure at Urban Survival has been discussing the latest financial trick that’s being used to keep Wall Street hopping. It used to be that banks would be forced to write off bad debts (like non-performing mortgage loans, for instance). With many ARM’s resetting in the next few years, you’d think that the banks would be quaking in their boots. Some financial genius, though, has figured out that if you package up the bad loans and sell them as assets to financial institutions willing to take big risks (i.e. hedge funds), the banks can create another boatload of cash that can be injected into the market. This seems to be part of what’s juicing the market right now.
Google on “NPL Securitization” if you’re bored, or you can keep an eye on Urban Survival for more news items related to this latest attempt to keep the financial casino on life support.