Our financial system—like our participatory democracy—is a mirage. The Federal Reserve purchases $85 billion in U.S. Treasury bonds—much of it worthless subprime mortgages—each month. It has been artificially propping up the government and Wall Street like this for five years. It has loaned trillions of dollars at virtually no interest to banks and firms that make money—because wages are kept low—by lending it to us at staggering interest rates that can climb to as high as 30 percent. Chris Hedges it was a powerful moment when a black man became president of the United States, and moved into the white house. His was a campaign of hope...for all. But for the most part that hope has become nothing but an illusion. It is still talked about. But for many it is nothing but a dream, It will never materialize. Its like fog, the moment it seems possible, it vanishes into thin air.
Posted on: Tue, 28 Jan 2014 15:11:53 +0000
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