When we are children, we conceive of banks as places to safely deposit money. If, by chance, you grew up watching It’s A Wonderful Life every Christmas, you probably have the idea that money deposited in banks is loaned out into your community: If modern banking truly worked this way, you would understand that when [...]
Obama Bonds
While very few people seem to know what is really going on, everyone seems to have figured out by now that whatever it is, it’s getting worse. But if you think Americans are worried, just imagine how the people who lend us money feel. Well, the Japanese, long time major creditors of the United States, [...]
Icelandic Meltdown
If you were going to guess which country would be the first to succumb to the financial collapse, you probably wouldn’t have come up with Iceland, even though the island nation has been battling a currency crisis since the Spring. After all, Iceland has no real national debt to speak of, and significant low cost [...]