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A coin shop? This is irresistible, because, as implausible as this may sound, all political truth can be found in a coin shop. And not just political truth: you find in here the story of the whole of modern life on exhibit, and learn more from looking than you find in a multivolume history… ![]()
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The US is phenomenally if discreetly militarized. The country is neither a democracy, nor a government of laws, nor of men, but an oligarchy of lobbies that press for whatever is of benefit to themselves, though not necessarily to the country… ![]()
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Back to Vancouver… I wish only 1% of those going through what looked like humiliation to me from those monkey policemen had resisted, at least politely. None did. What I saw on the street was like a mating game. The police where learning and instilling in their worldviews what more they could get away with, adding to this learning every year, and then applying it with more force… ![]()
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Fannie and Freddie acknowledge already-impaired loans on the balance sheet of $19 billion, which they have used creative accounting to avoid deleting from the shareholder equity account. This means that Fannie and Freddie have a maximum of $64 billion in capital remaining.
Given the inevitable losses on the Alt-A/subprime portion of their portfolio, it must be the case that if the federal government, as it is doing, guarantees Fannie…
