Five years of following world events with a critical eye and trying to make sense of it all. Here’s to 5 more!
Reading the page on the Iceland crisis (one of the largest banking collapses by a country in history) is relevant to the Cyprus situation.
Banksters loan out 10-40 times the amount held in reserve. This is called ‘fractional’ reserve banking. Or you could call it ‘fictional’ reserve banking. Because 9 of 10 will receive loans/mortgages based on ‘fictitious’ reserves….That means based on nothing. These are standard practices worldwide. So the dirty secret is that in most countries if a majority of people pull out their money at once the system crashes since they really don’t have it and it’s just numbers on a computer screen.
Oil recovery vessel runs aground on way to federal tanker announcement Oh the irony! World class response after a spill? Highly doubt it..
Canada the lone country to pull out of UN drought convention to save a few bucks Since there are much poorer countries who contribute to this important convention, one could guess that this is just one of those hastily thought out austerity measures to cover up mismanagement of funds from other critical areas.