Sunday, 30 June 2013

BANKERS! Mark Steel Nails It

Mark Steel sums up the current financial crisis/scandal (and the corrupt politician's reaction to said) quite nicely in two and a half minutes here.

The astronomical debts we are all paying for do not come from the real economy but from the derivatives market. This is why we see endless bailing out because the derivatives market is gambling on a massive scale.

Ireland is the best example of the corrupt bailout practise. The banks had made themselves insolvent, but rather than manage this failure, the Government decided to take over the private debt and put it on the heads of the people. There was no need for austerity until this monumentally unwise decision came to pass.

[Posted at the SpookyWeather blog, June 30th, 2013.]

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