This summer an ‘eerie echo’ of pre-Lehman
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.
Businesses fail all the time, so I say let them fail. Somebody will come in and buy whatever assets there are for pennies on the dollar. If there is no banks to loan money, do you really think no money is going to be available? Like our own government won’t open a bunch of banks tomorrow and continue lending money if every single bank went out of business today?
Regan didn’t just tear down the wall, he tore down our economy when he thought it was a good idea to turn the Bull Loose in a China Shop and thought never would anything bad happen.
What’s got me angry is we have these smart people who can come up with these complex financial products to make gobs of money and screw people over, but we can’t seem to get smart people to solve our economic crisis? We should have free clean renewable energy, free health care, plenty of jobs, and yet we’re spending our money on wars instead of investing in America. Whenever we have invested in America we have all prospered. If there is one thing that history has taught me, it’s for sure that lesson. I’m all for Obama getting a 2nd term, but not if he isn’t going to fight for our economy and our jobs. We need the focus to be on us at home, not some product called Oil that can be replaced with alternative energy sources. Give that Billion dollar annual subsidy to me instead of the oil industry and I guarantee I’ll find a better solution for energy production to sustain us into far into the future.