P.I.D. Radio 2/3/08: Your Bank is Broke
THAT'S probably an overstatement, but if the recent numbers posted by the Federal Reserve Bank are correct, the American banking system has lost its entire cash reserve — about $50 billion! — over the last six or eight weeks.
To put it another way, if we read these stats correctly, the entire U.S. banking system is now being kept afloat with borrowed money.
Meanwhile, we're watching a mysterious of bats in the U.S. and several unexplained phone and Internet outages in the U.S. within the last week, and a cyberterror preparedness drill in March that appears to target reporters and bloggers as potential threats.
Links and topics:
American banks slide deeper into debt
George Ure's UrbanSurvival.com
The Fed's most recent figures for "Reserves in Depository Institutions"
Historical figures for reserves in Federal Reserve Bank depository institutions
Was the Air Force protecting the Bush ranch?
Bats die by the thousands in Northeast U.S.
Trains, bloggers threat in new terror drill
Empire State Building car zap mystery
India isolates 26 as bird flu spreads in Asia
Who's cutting the cables?
Egypt: Ships did not cause Internet cable damage
Click the arrow on the player below to listen now, or right-click (control-click if you have a Mac) the "download" link to save the mp3 file to your hard drive.