George Washington’s Blog
Thursday, Sept 18, 2008
In his book “Secrets of the Temple: How the Federal Reserve Runs the Country”, leading journalist William Greider said that the economy is like a poker game. He said that it is human nature to want to get all of the chips, but noted that - if one person does get all of the chips - the game ends.
In other words, the game of capitalism only continues as long as everyone has some money to play with. If the government and corporations take everyone’s money, the game ends.
The fed and Treasury are not giving more chips to those who need them: the American consumer. Instead, they are giving chips to the 800-pound gorillas at the poker table, such as Wall Street investment banks. Indeed, a good chunk of the money used by surviving mammoth players to buy the failing behemoths actually comes from the Fed.