The Bank Surge
Posted on September 21st, 2008
I don’t understand economics or the current crisis. I thus don’t trust my own judgments about who to believe. But Paul Krugman’s concerns and analysis strike a chord. So do Eric Hovde‘s in the Washington Post.
Since I lack the education and background to understand the crisis and its context, I find myself thrown into rudderless thinking, where I find myself swayed by people who I already tend to agree with (= Krugman), who are able to pain a coherent picture, and whose broad premises seem in line with mine. In short, I feel pretty helpless not just about the crisis about even how to understand the crisis.
[...] The Bank Surge | David Weinberger – The informed public writes: "Since I lack the education and background to understand the crisis and its context, I find myself thrown into rudderless thinking, where I find myself swayed by people who I already tend to agree with (= Krugman), who are able to pain a coherent picture, and whose broad premises seem in line with mine." [...]
David – Paul Grignon’s 47 minute animated video called “Money as Debt” explains all we never knew about how banks have the capacity to create and loan money they do not have. Shocking and informative. You can view the video at http://www.Thegreatturning.net. The video is located on the bottom of the far right column.
There are lots of past tense articles like Eric Hovde’s explaining what happened. And then there are books like Michael Panzner’s Financial Armageddon, that predicted it, step by step almost perfectly. (Of course without any dates.)
I think Kevin Phillips in his book Bad Money called it for August or September in an unspecified year.
Krugman and many bloggers also saw lots of it coming. One of my favorites: nakedcapitalism.com.
Lots of people saw it coming, but the mainstream was apparently either too embedded in the system, or too ideologically blind to see it.
I hope these “fringe” people get listened to as fixes get made over the coming months.