Originally Posted by
ryan1234
You are exactly right...exactly right......especially after listening to Kenneth Lewis....If BOA ever went under they would take the whole ship with it.... The Fed doesn't have enough paper confidence money to bail them out.......... This country put all the power in the hands of such few with the creation of the Federal Reserve Board (private organization) in 1913.... and we gave them even more power in 1933 when we came off the gold standard. Strong regulations, FRB bail outs, and several other factors will contribute when our skyscraper of cards get's blown down in the upcoming economic crisis..... The question is how long can we pretend we're doing ok for? What happens when they reach into the bag and there is nothing there?
Agreed. My fear is that the foreign countries that hold large amounts of U.S. debt are driving the push to stabilize the dollar and help us out of this current crisis. But they will slowly pull out their investment over the next ten years or so. It will be done slowly so they don't negatively impact the currency. However, when the next crisis hits, they will be off the hook and will not be in a hurry to bail us out. They may even look at that crisis as the reason to drive us out of the Captain seat as the world's benchmark economy. Look at China at that one. They have one mission right now, world domination. Ours is more concerned with who's having an illegitimate baby or what the movie stars are saying about who they want to vote for.
No politician is addressing this either because they are too stupid or too afraid to the public the straight talk. I fear the day this comes to pass as the great depression will look like a day at the beach.