Courtesy of Mish.
Here are a pair of interesting You-Tube videos on fractional reserve lending sent by reader Magnus who lives in Sweden.
Godfrey Bloom Blasts Fractional Reserve Lending as Fraud
“The problem that we have is a flawed banking system, a fractional reserve banking system where bankers can lend money they don’t have. If you go back in time in the United States to the 1850s, that was a capital offense. You could hang for that.”
Link if video does not play: Money-Printing Scam – Godfrey Bloom MEP
Central Bankers Should be Tried for Financial Crimes
Godfrey Bloom on Cyprus: “In the great Cypriot bank heist, of course the big boys got their money out early, didn’t they? It’s always the little people who get shafted, isn’t it? We now have a sick system, a situation, which the previous speaker alluded to quite rightly where the Fed, the Bank of England, the ECB, the Bank of Japan, all completely bankrupt, holding mountains of junk bonds bought with counterfeit money. Let’s all blame the retail banks but it’s the central banks where the cancer starts. Politicians, bankers, and lackey bureaucrats should be arraigned in an international financial tribunal, in the Hague, in the same way as war criminals.”
The end is rather humorous, please play it.
Link if video does not play: Central bankers and lackey bureaucrats should be tried for financial crimes
Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com
