Tag «bank»

We’re Toast

When people tell me the dire messages about which I write don’t resonate with other people, I struggle with a coherent response. Would you prefer continued overshoot on an overshot planet? Would you prefer we keep heating our overheated home? Would you prefer we ignore the most important issues in the history of our species? …

U.S. economy locked in spiral of death

Cheap oil allowed us to build the suburbs and treat our houses as ATMs. Thus, cheap oil allowed the fiesta of economic growth and the packaging of bank loans into increasingly complex bundles of surreality. When reality bitch-slaps the banks, it’s really peak oil doing the slapping. When banks fail, or are baled out by … well, you and me … the failures are induced by peak oil and the “baling out” is a tax on you and me.

The Great Awakening has Begun

Within the last week alone, the Federal Deposit Insurance Corporation (FDIC) and Ben Bernanke, the head cheerleader for the U.S. financial system, testified before the U.S. Senate that banks will fail. This is the ultimate no-brainer admission. But still. The FDIC also brought back, out of retirement, a bunch of bank examiners to oversee the carnage. And “Helicopter” Benanke proposes to destroy the dollar, apparently so the banks will have company.