The president of the World Bank says dire financial times are coming. But now it’s not companies like Lehman that will collapse but countries. The banksters have simply kicked the problem upstairs to the sovereign level – and still expect anyone but them to pay for it.
What is needed is a so-called “euro-sovereign” guarantee of bank deposits and other liabilities, as the guarantees of some national sovereigns are unlikely to be sufficient.
No, the banksters do not deserve to be bailed out yet again. Instead, let defaults occur and the bondholders can jolly well take it in the shorts. The banksters say they are capitalists, right? But in capitalism, bonds can be risky and defaults do happen. Instead, these 1% parasites continue to insist that rules be different for them and that everyone else can suffer to clean up the mess they made.
Here’s a better way.
I want to be clear. The first act of the Government of the Left, as soon as it is sworn in, will be the cancellation of the bailout and its implementation laws.
– Alexis Tsipras, Coalition of the Radical Left in Greece
If Tsipras takes power in Greece, he better have skilled and loyal bodyguards because there will be many who will want him dead. That’s not paranoia.