Printing $ trillions in paper fiat money without tangible backing guarantees economic Armageddon. I am not so worried by the $787 billion “economic stimulus” bill just passed by Congress as I am about the far more massive bailout of banks and financial institutions, an amount almost 14 times as large.

Wall Street economist Michael Hudson points out that the Bush administration tossed out $9 trillion to the banks, and the present administration will soon dish out another $2 trillion, money created out of thin air. This makes banks the big winners in the game of “chicken” they’ve b...