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Monday, December 12, 2011

Basic math. Which is bigger? $20 billion or $7.777 trillion?

So everyday you hear about street crime. It is clearly in the news. Everyday.

But rarely do you see this kind of story in the news, especially the mainstream news.

The Federal Reserve was FORCED to reveal this to us--it loaned $7.77 trillion in below-market dollars to rescuing the financial system, and these nearly interest-free loans came without strings attached.
So how many years worth of street crime does $7.77 trillion worth? At about $20 billion per year in direct losses to street crime, this one deal cost us something like 388 years worth of street crime.

And yet, this is NOT the main story in the corporate news.

This is relevant to the issues in the book of who makes the law, who funds the law, and why it matters.

We are' simply stated, a nation obsessed with street crime. Simultaneously, we ignore white-collar and corporate crime, even though it costs us so much more every year than street crime.
Ellen Brown, Truthout | News Analysis
On November 27, Bloomberg News reported the results of its successful case to force the Federal Reserve to reveal the lending details of its 2008-09 bank bailout. Bloomberg reported that by March 2009, the Fed had committed $7.77 trillion in below-market loans»

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