We have been distracted. While we focus on the crisis of terrorism, another form of terrorism is a quiet crisis unfolding: a derivatives crisis. While no one’s looking, according to recent reports the “too big to fail” banks are insanely holding trillions of dollars of derivative exposure about ready to bust, and many Americans could lose their savings.
This article explains it in simple terms.
Demonocracy has created some effective graphics to show exactly what $18 trillion looks like.
Last fall, the tremors began on the financial shake down. Here’s an overview, and it looks like what happened in 2008 will look like a party.
Here Business Insider provides more graphs to illustrate what is happening in this “third wave.”
Meanwhile, Congress gave us another Christmas “present.” This time it was delivered shockingly by a supposedly “conservative” Republican congress: the Omnibus bill and the $1.8 trillion budget. What conservative would vote to increase a budget when we don’t have the funds to cover even the debt service?
Not only did this bill fund ObamaCare – a direct betrayal of Republican campaign promises – it also funded Planned Parenthood and after many of them viewed the videos and saw the barbaric practice of killing babies and then cutting them up and selling their body parts for research.
Even in the supposedly conservative state of Utah, all but one member of that federal delegation voted FOR this budget. What were they thinking?
You might deduce from these actions that we are governed by a body of reckless barbarians – on both sides of the aisle.
Who’s paying attention to these voting records? Not enough. But we intend to do it and to use the airwaves 10 hours a week to expose these traitors.
So one of our goals for 2016 is to demand that Congress do TWO things immediately to restore economic stability: First, repeal Dodd-Frank and second, reinstate Glass-Steagall before it’s too late. It may already be too late.
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