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Idaho's Weekly Journal of Local & National Commentary  Week 3014

 

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by Free Market Duck

NY Stock Market crashes 387 points as sub-prime fiasco hits Germany, France
(Aug 10, 2007)

New York, NY Heading off the worst financial crisis in Germany since the 1930s -- which rhymes with The Great Depression -- German central bankers counterfeited (created out of thin air with no collateral) and injected 18 billion Euros ($20 billion US) into the German market to sop up the sub-prime slime created in the U.S. and sucked up as investments by IKB Deutsche Industriebank AG in what they thought were highly-rated Triple A bonds.  Suckers.

   Also ensnared in the U.S. sub-prime debacle were a suburban Minneapolis school district and the city of Oakland, California, both of whom were essentially loaning the CDOs (Collateralized Debt Obligations) to the Krauts in Rhineland.  Problem is, CDOs are no more collateralized than the non-backed Funny Money printed up by each of the G8 nation's central bankers when they print up their national currencies out of thin air.

   "We don't take risks," said Oakland's treasury manager, who apparently can't spell "c-o-l-l-a-t-e-r-a-l."

   Meanwhile, the NY stock market crashed 387 points yesterday after France also announced one of its banks suffered big losses in the sub-prime slop that spilled over into Europe.  The European Central Bank counterfeited (created out of thin air with no collateral) and injected 95 billion Euros ($130 billion US) into their money markets to bring short-term interest rates down by the end of the day.

   Not to be outdone by all the printing up of non-backed paper money, the central bankers at the U.S. Federal Reserve -- a private banking corporation robbing American citizens by pretending to "manage" ha-ha the U.S. economy -- counterfeited (created out of thin air with no collateral) and injected $24 billion into the U.S. economy yesterday and $38 billion today in order to solve the problem of non-collateralized sub-prime mortgages with non-collateralized U.S. dollars -- and stop the stock market crash.  Go figure.

   "Hey," quipped FM Duck, "ain't that like one counterfeiter trying to bail out another counterfeiter with more bogus non-promissory notes?"  Or, throwing gasoline on an already out-of-control wildfire? -- FM Duck

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