Wednesday, January 13, 2010

The financial meltdown investigation begins on The Hill

The present day Pecora Commission begins their discussions in full force tomorrow. First up? The Big Bank CEOs - Dimon, Blankfein, Mack & the new guy at Bank of America.

Unfortunately, while bonuses for CEOs that are running bankrupt companies are angering... the meetings are intended to understand the reasons for the financial meltdown... and the CEOs of the banks are not responsible. To address the real reason for the financial meltdown, one must begin by addressing several key philosophical questions about America's monetary policy:

1) fractional reserve banking vs. full reserve banking
fiat money vs. honest money
the existence of the Federal Reserve

Address these issues and you'll begin to understand the source of the financial meltdown.

Hint: the CEOs & big banks are a symptom, not the disease.

Tim White

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