Greece may default, Ireland can’t sell more debt, Spain may fess up to hiding debt. Norway has frozen loans to Greece. Protests against banks are spreading.
The banksters may no longer be able to force countries to pay for bonds that banks knew were dicey and never should have bought in the first place. Instead, bondholders may (and should) be forced to take writedowns on their “investments” whether they like it or not. Insolvent banks must fail rather than forcing people in debtor nations like Greece, Ireland, and Spain to prop up their rotting, corrupt corpses.
It seems the banksters believe in harsh capitalism for everyone but themselves. Hey, bonds can be risky and writedowns are always a risk. Insolvent entities should fail. That’s what capitalism is about, right?
But not for the banksters. They want everyone else to bail them out, always and continually. But their game may be ending soon.
In their version of capitalism, everything is for sale at the right price: ethics and morals, influence and governments, judges and legislators. I’m sure they think of buying governments as an investment that they expect to yield dividends.