2 Nobel Economists Confirm that Credit is NOT Created Out of Excess Reserves

We’ve all been taught that banks first build up deposits, and then extend credit and loan out their excess reserves.
But critics of the current banking system claim that this is not true, and that the order is actually reversed.
Sounds crazy, right?

Video: Banksters Love Cap-and-Trade

The sweeping new bill which just passed the House last Friday, the Clean Energy and Security Act of 2009, is ostensibly about climate change, but it is in fact a bill of staggering economic ramifications that is going to accelerate the takeover of the economy by the well-placed financiers who have already plundered the Treasury and the Fed of $12+ trillion and counting.