Re: bailouts

On Sun, 27 Jan 2008 02:20:31 -0800 (PST), orangatang1@xxxxxxxxxxxxxx
wrote:

from an article in 2003:

"J.P. Morgan Chase & Co., the world's largest user of derivatives and
the second-biggest U.S. bank, had derivatives with a face value of
$33.1 trillion on June."

http://www.bloomberg.com/apps/news?pid=10000103&sid=aR4pMAz.ogAA&refer=us

this one bank had derivatives valued at more than double the gdp of
the US in 2003. If a companys liabilities are greater than the gdp of
the US i tentativly suggest that they are bankrupt. banks are in the
unique position of being able to 'create' credit, allowing them to
build an extra couple of tiers on the house of cards, but i think the
game is up. i'm guessing pretty well all of them are bankrupt.

a bailout will cause hyperinflation. if we want to be able to buy
food from abroad, so that we do not starve to death we MUST NOT BAIL
THE BANKS OUT.

this is real bad. bad on a scale i find difficult to comprehend.

actually it may be a good thing, because it will force the American
people to rid themselves of their dependency on foreign nations for
food.

time for everyone to learn how to grow stuff.


Hal

.

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