If you want to destroy capitalism, you can’t do much better than applaud the behavior of our financial elite.
The real U.S. unemployment rate is 14%, manufacturing is not making a comeback, financial criminals have been given a “stay out of jail” card not just for crimes contributing to the Recession of 2008 but also for new financial crimes (e.g., LIBOR fixing)–thus ensuring that the wave of financial irresponsibility will continue, and the Cyprus settlement opens the door to outright government theft of private savings accounts in banks.
Do you think the Cyprus deal is something special that won’t happen again? Read the superb review by Michael Snyder on Blacklisted News [3/27/13] quoting one major global financial official after another stating clearly and publicly that in the future, when a bank fails, governments will steal the bank depositors’ funds to compensate the bank for its inability to…take proper care of the depositors’ money. Or as these members of the financial elite like to put it, governments will take money from bank depositors to support the banks. Now, who is the greatest supporter of a bank if not the person who hands his money to the bank? The logic is clear: put your money in your mattress or under the porch but never again put a penny in a bank!
Now it appears that “the Fed is willing to flood banks with cheap money to blow inflationary bubbles under real estate, stocks and bonds” [Chris Street in Testosterone Pit.com 4/3/13]. Ah, “real estate and stock bubble?” Now, why does that remind me of something…something related to the “collapse of our financial system”…wasn’t that how Paulson and friends put it only five years ago?
Meanwhile, thoughtful Europeans are considering the likelihood of a fascist coup, as democracy seems increasingly incapable of devising honest, effective economic policy [Atlantico 3/31/13].