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  • Jim Costa

Jim’s Daily Rant. “My Buddy And Me” and The Central Banks.

It’s Friday afternoon and I am kicking back for the week. You know us Old Timers, always reminiscing. That is what I am doing as I read the news for the day. The news about the Australian Central Bank being insolvent got me to remember things.

In my mid-twenties I was a commercial loan officer in a bank. One day two gentlemen asked to see me. One was about 45 and the other about 22 as I recall. I recognized them as I had seen them doing lawn work several days back for the bank next door.

The older man introduced himself and his buddy. Then he said his buddy needed a signature loan for $500. Upon inquiry the buddy said he had no job, income or assets. I explained he would have to have a co-signer on the loan. The older man said he would co-sign. You guessed it, he was a drunken bum too!

Then a few minutes ago I remembered what Michael Rivero, radio talk host of, has said for years, that “The last act of all collapsing countries is to loot the people.”

So far as I understand it, The Swiss, Australian, British and German Central banks either admit they are insolvent or act as if they are. I know there are others out there hiding in the dark as well.

In a normal world an Insolvent business either declares bankruptcy or is placed in involuntary bankruptcy by its creditors. But these Central Banks aren’t normal corporations. They are in bed with the government politicians. That is why the President of the Australian Central Bank brags:

Still, Bullock assured that the central bank can continue to meet its obligations as they become due since RBA can print money. “The negative equity position will, therefore, not affect the ability of the Reserve Bank to do its job,” she said. Source

I guess that is Central Bank talk for “We are above the law and can steal from the citizens all we want.”

So now I understand what Rivero was saying. The Central Banks can steal all they want so long as they split the loot with the politicians as the Little Buddy, the governments, go bankrupt too.

Ain’t it a shame? The Bankers and politicians can all get rich by taking the government down by hyper-inflating the currency of the people.

Abbott and Costello discussing "Who's On First?":

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