Euro criminals

was watching bbc world yesterday… some british financial authority geezer was on being interviwed by some “Stephany” reporter.

Stephany thought she was asking a pointed and hard question to the geezer when she said somethig to the effect of: “`is there no other option to bailing out the banks?”

To which the geezer gave her a Clint Eastwood look and then patronizingly replied with a question: “What would you rather have us do Stephanie? Should we allow a depression to set in? Would you rather we allow unemploytment to increase to unimaginable levels? Would you rather savers lost their savings”

And Stephanie was suitably cowed.

Other than the tragedy that is an ignorant and uninformed reporter, what we are dealing with here is gross incompetence if not down right criminal intent on the part of the finanical authority geezer.

`Lets start by admitting that we should not be in this mess in the first place were it not for a monetary system that induces the expansion of debt at a far greater clip than economic productivity. With that out of the way, we can recognize that our present predicament is inevitably brought about by a debt burden that today is unsustainable. That established, we can recognize that there are most definitely alternative outcomes to the failing of a bank other than unemployment soaring or pensioners losing their savings.
The reality is that pensioners savings and the savings of everyone else have already been robbed by years of induced artificial inflation. Also, although recent aberrant government policieas may give thE impression to have been beneficial, the truth is that unemployment has soared nonetheless and all parameters point to death by a thousand cuts rather than a healthy resetting of the system that could have taken place years ago. At any rate. The most likely outcome of the failing of a bank is that the bond holder takes (should take as contemplated by law) his/her lumps and the assets of the bank will largely absorb the loss… as could have been the case with all failed banks so far. The end of a bank does not at all spell the end of society but rather the end of unscrupolous bond holders. The clearest and most recent example of the scam the banks are allowed to perpetrate by our paid-for politicians is Iceland of course.

A failing major bank can only be salutary for society as it brings about a quicker resolution to the imbalances. The longer politicians allow the monetary authority to delay the logical outcome, the harsher and longer the ultimate crisis will be.

Our reporter “Stephanie” could have observed that since the first cracks appeared in the economic dam with LTCM, each bailout has become progressively larger. Stephanie could too have remarked that each subsequent bailout also transferred progressively more and greater risks unto the balance sheet of governments (i.e. the people). Stephanie could also have remarked that despite having been brought back from the brink by public funds, all major banks awarded themselves the largest bonuses in the history of the world. And having done all that, where are we today? Why, our leaders and the geezer from the financial authority are asking us to do more, much more, of the same…
But Stephanie did not remark these simple truths either because she couldn’t or because she wouldn’t. And that is the tragedy of ignorance that abets criminal intent.

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One Response to “Euro criminals”

  1. Pat Donnelly Says:

    MSM at work, hand in hand with the rest of the kleptocrats!

    Have no fear, the cure is going to take all the FIRE sector jobs necessary and include so called journalists in that.

    Just hope the war does not consist of competing tsunami weapons!

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