Money

LIBOR: the ‘mega-scandal of all mega-scandals’ is upon us

The London Interbank Offered Rate, or LIBOR, scandal is growing by the minute and is shaping up to be one of the largest, if not the single largest, financial scandals of all time. This has the potential to make the massive conflicts of interest at the Federal Reserve and the $16 trillion in “emergency loans” given out by the Federal […]

Why the Senate won’t touch Jamie Dimon

Why the Senate won’t touch Jamie Dimon

When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal.  “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” asked CNBC editor John Carney.  “Was he . . . subtly hinting that he’s really the guy in […]

Frackin’ Reserve – Summary & Additional Resources (6/6)

Frackin’ Reserve – Summary & Additional Resources (6/6)

This series of articles on fractional reserve banking started with an introduction to the mechanics of fractional reserve banking. The important points  were: The simple nature of the mathematics and the factors involved The iterative nature of the process as a continuing cycle The process has mathematical limits, except in Canada, Australia, New Zealand, and […]

Frackin’ Reserve – “How” Fractional Reserve Banking Creates Money and “Why” it is Fraudulent (3/6)

Frackin’ Reserve – “How” Fractional Reserve Banking Creates Money and “Why” it is Fraudulent (3/6)

When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it. — Frederic Bastiat In Part 1 we looked at the mechanics of fractional reserve banking and the […]