I can sympathize with this blogger's sentiments; however, in my case it was history and the lies I was told about that.
"So I took Economics in University...look at me now!
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People, we are all screwed. Face it. Wake the hell up and realize. We've all been suckered. The financial collapse of the U.S. economy is engineered. Plain and simple. Just like the implementation of the Fed down south before, we will have another "savior" institution arise from the ashes. A new, more continental system. I guarantee. We'll be right on board, like it or not. Expect to see more banks liquidated, seized, whatever can be done to phase them out. One central bank. That is the goal. IndyMac is the first big assimilation. Who's next? The sector knows, but they want to keep the rest of us guessing. It's better than coming out and being honest. 20 years ago we saw the same, with small banks being *pooFED.* It cost $125 billion of taxpayer money then. How much will it cost now?
So the point...
My boss took economics in University. It was his major. He fancies himself a know-it-all of the subject. I enjoy challenging his perception (WARNING: not to be confused with actual knowledge) of the system. Now I would imagine that he did learn about the U.S. economy. I'd HOPE he did, the same with Great Britain's system.
One day, we got on the topic of the U.S. meltdown, his opinion being it's a temporary issue, and that the Fed will save the day with rate cuts! Rate cuts are the answer! Let's get people into more debt! (a point which he didn't understand.) More affordable to borrow?! GREAT LET'S SPEND!
So the fed cuts rates, and cut rates, and cut rates. And we watched. And watched. And watched. The months passed and I "told him so" and loved it. So now.."When they raise rates it'll be all good." Hah. Sure.
I had to let him know at that point.
"The fed is a private bank that lends money to the Gov..you know that right? A private institution sets monetary policy for the States, boss."
He couldn't believe it. The look of bewilderment. Disbelief. He fought me on it. He had never heard such a ludicrous thing. I was a liar. I didn't know what I was talking about. He DENIED the truth of the matter because he is so far in his slumber.
"Everything is fine, houses in the homeland (here) will always be valueable. We will live long and prosper and our American friends will be fine."
I am the uneducated fool.
Ahhhhhhhhh. The attitude of a "scholar."
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