Wake-Up Call - 07/25/11

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Ignore the political infighting. It is nothing more than a meaningless display of egos. The U.S. has defaulted already four times in its (short) history. It will default again. Life will go on. Why financial analysts and economists always misread the economy. Two stars who ‘got it right’: Carmen M. Reinhart and Kenneth S. Rogoff. How they succeeded. The difference between asset-based bubbles and credit bubbles. Michael Hudson talking about Sheila Bair’s observations after leaving the FDIC. Why “too-big-to-fail” banks… must eventually fail!  Why banks aren’t lending: the scandal of Fed paying interest on “excess reserves”.  The absurdity of the new Greek restructuring plan and why Greece is still destined to default along with the other PIGS. The world of Lord Keynes, a covert communist economist, STILL followed and admired by today’s world leaders and economists…