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the federal reserve rescue has failed

  1. 4,699 Posts.
    "There probably will be some bank failures," said Ben Bernanke. He knows perfectly well that the US price spike is a bogus scare, the tail-end of a food and fuel shock.

    "The extent of de-leveraging involves a wholesale destruction of credit. The risk is that the 'shadow banking system' completely collapses," he said.

    For the first time since this Greek tragedy began, I am now really frightened.
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