Monday, October 19, 2009

How Wall Street Makes Billions Kiting YOUR Cash

Philip Greenspun's Weblog:
So the money is just being shuffled from one Federal bank account to another, with each Wall Street bank skimming off $1 billion per month for itself? “Pretty much.”
It's OUR cash. YOUR cash. We own the treasury and WE print the paper. This is no different than if I loaned you 20 bucks for lunch and when we get back to the office you said, "Now just give me another $0.60 and I'll give you your $20 back." Do the same thing with a billion and you pocket $30,000,000.00 for nothing more than taking my own money from my left hand and passing it back to the right.

Complete System #FAIL.