Why Do We Need Crypto Currencies?

The latest Congressional Hearing on Crypto Currencies was a sight to behold as Nouriel Roubini made a fool of himself and his banker bosses...and the Congressmen saw right through him!!

On Thursday Sept 11, 2008, at about 11:00 o'clock in the morning, the Federal Reserve noticed a tremendous draw down of money market accounts in the United States, to the tune of $550 billion...was being drawn out in a matter of an hour or two.

The Treasury opened up its window to help. They pumped $105 billion into the system, and quickly realized that they could not stem the tide. We were having an electronic run on the banks.

They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic out there. And that's what actually happened.

If they had not done that their estimation was that by two o'clock that afternoon, five-and-a-half trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed.

Now we talked at that time about what would happen if that happened. It would have been the end of our economic system and our political system as we know it, and that's why, when they made the point we've got to act and do things quickly, we did.

Secretary Paulson said let's buy out these sub-prime mortgages, when he came to congress, but he said give us attitude and large authority to do many things as we decide necessary. And give us $700 Billion dollars to do it.

Somebody threw us into the middle of the Atlantic ocean without a life raft, and we're trying to determine what's the closest shore, and whether there's any chance in the world to swim that far.

We don't know.