The economic crisis is being sustained by bureaucrats and economists that cannot reason from cause to effect. Banks continue to collapse under the weight of debt on home mortgages which they were required to make by the Feds in the first place.
Recently I haven’t seen much media coverage about bank failures, the latest of which was last Friday, 6 August. I know that I have written about this before, but I just can’t get it out of my mind. We are being reassured by the insiders in Washington that the economy is turning around (ever so slowly, mind you) and we are all in for better days ahead, but the reality of staggering unemployment figures begs to differ. Here is a month by month accounting of unemployment as it has spread across our land. (A more detailed version is here)
Obama’s stimulus package was another temporary and failed effort by the Empire to provide bread and circuses for the rabble. Here in tiny Perry County, Tennessee the unemployment figures dropped from over 25% to 17% overnight. On 30 September 2010, the money runs out and three hundred (300) people will again be without income. Some businesses thought they had found the fountain of prosperity with stimulus money – workers they didn’t have to pay for. Now reality is hitting – without more government money, doors are going to close. Small local banks across the continent are going to feel the pinch of debtors not being able to pay.
A January article by Martin D. Weiss, Ph.D., published on Money and Markets was titled, "200 Bank Failures in 2010." Only one hundred forty banks failed in 2009. Weiss made a great case for the validity of his article’s title. And as of last Friday, one hundred nine (109) banks have failed in 2010. We are well on our way to a new record!
It continues to amaze me that banks almost always fail on a Friday. I am sure that the FDIC’s explanation for this is that it gives them the weekend to sell the balance sheets to another, larger, and more capable banker AND be able to open the doors to customers on Monday without causing a panic. (I am sure that these bureaucrats work weekends!!) Of course, the FDIC is making good on deposits by using more tax dollars than those already used to bail out the Big Boys (I’m not talking burgers here).
The best solution remains … secession. Leave the mess in the laps of the Wall Street manipulators. Apart from Florida and the Atlanta area of Georgia, which have been greatly corrupted by the predatory methods of Wall Street, the thirteen states of the Old South have experienced only twelve bank failures.
Tennessee has not had one bank failure this year.
Let’s get rid of our over-lords and become a free Tennessee Nation. We may not do everything right, but we surely won’t do everything as wrong as Washington and Wall Street does.
