Monday, September 6, 2010
Fiat Money vs. Billions and Billions and Billions More in Losses to Come: Today the Bank of America (BAC) follows Citigroup's (C) $7.6 Billion loss with a $5.2 Billion loss of their own. Meanwhile at the same time, the State of Illinois, not to be out done by California enters a state of insolvency according to Crain's Chicago business, with a budget short fall as much as $5.7 Billion ( http://ow.ly/YGf7). Couple that with Greece and other Sovereign debt restructuring and defaulting mounting (Dubai World) and you must ask "what global rebound?"
(developing news)
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