Debt Rattle, June 1 2008: Walking through a hall of mirrors

Dorothea Lange Spud Cellar October 1939Tavern on main street of potato town during harvest season. Merrill, Oregon. Ilargi: "It is like walking through a hall of mirrors in a fairground" is a very appropriate metaphor for the practice of banks financing the (fire-)sale of their assets with loans they themselves provide. In essence, it comes down to this: ".. recycling a bank's own funds back