Here's a fantasy: give the IMF the middle finger!
Here's something not from me, but from an excellent source of mine:
As of June 1, 2011, the Federal Reserve's consolidated balance sheet shows that it is leveraged 53:1. The Fed is now more extended than Bear Stearns and Lehman Bros. were prior to failure. The U.S. Treasury and the U.S. public is on the hook for any losses incurred by the Fed, even though the Fed is a private entity and not a department of government.
The Federal Reserve is part of the banking oligarchy that rules most of the world and all of the "developed, democratic" world. It want us to be debt peons otherwise they lose their power. Maybe Greece and Ireland will follow Iceland's stance of flipping their middle fingers at the banks. Perhaps strategic default (also known as jingle mail or sending your overmortgaged house keys to the lender) in the U.S. isn't a bad thing since the banks are just getting a taste of their own medicine.
Was it Shakespeare who said in one of his plays "neither a borrower or lender be?" The Bible speaks against debt and the Muslims forbid charging interest on loaned money. What did the ancients know that we have forgotten?
Incidentally, I'm not a Democrat, a Republican, a Tea Partier or a Gold Bug, just an observer.
Maybe my fantasy will be realized, due to the obvious things pointed out in KR ...
MMM
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