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The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week's congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all. Wednesday's hearing described a secretive group deploying billions of dollars to favored banks, operating with little oversight by the public or elected officials.

A Poor Man's E-Bomb An FCG is an astoundingly simple weapon. It consists of an explosives-packed tube placed inside a slightly larger copper coil, as shown below. The instant before the chemical explosive is detonated, the coil is energized by a bank of capacitors, creating a magnetic field. The explosive charge detonates from the rear forward. As the tube flares outward it touches the edge of the coil, thereby creating a moving short circuit. "The propagating short has the effect of compressing the magnetic field while reducing the inductance of the stator [coil]," says Kopp. "The result is that FCGs will produce a ramping current pulse, which breaks before the final disintegration of the device. Published results suggest ramp times of tens of hundreds of microseconds and peak currents of tens of millions of amps." The pulse that emerges makes a lightning bolt seem like a flashbulb by comparison.

San Jose State economics professor Jeffrey Rogers Hummel tells all his students that the easiest way to understand the Federal Reserve is to think of it as a giant, legalized counterfeiter. I had always known that the Fed and other central banks were like counterfeiters, but I still thought that the actual mechanics of open-market operations and so forth actually provided some important distinctions.

A lot of people are very upset about the rapidly increasing U.S. national debt these days and they are  demanding a solution. What they don't realize is that there simply is not a solution under the current U.S. financial system. It is now mathematically impossible for the U.S. government to pay off the U.S. national debt. You see, the truth is that the U.S. government now owes more dollars than actually exist. If the U.S. government went out today and took every single penny from every single American bank, business and taxpayer, they still would not be able to pay off the national debt. And if they did that, obviously American society would stop functioning because nobody would have any money to buy or sell anything.