Friday, February 26, 2010

Banks Bet Greece Defaults on Debt They Helped Hide



"Bets by some of the same banks that helped Greece shroud its mounting debts may actually now be pushing the nation closer to the brink of financial ruin."

Today's financial sector is like a cancer to the real economy. It must be shrunk significantly and the most rapacious institutions like Goldman Sachs and other investment banks, large commercial banks that have become speculative entities, etc, must be shut down or broken up.

2 comments:

The Joker said...

Mike, I was just watching Rep. Eric Cantor's (R-Virginia) response to President Obama (on CNBC) at that bipartisan healthcare summit. Cantor told Obama "this government can't afford this."

The United States government issues its own currency, and thus, it can spend whatever is necessary to "promote the general welfare" (preamble to The Constitution) of its citizens. Why don't our elected federal officials understand this?

This should be a prerequisite to taking any congressional post or the presidency. This gold standard rhetoric is the reason our citizens are doomed to a lower standard of living. How can we prosper with this type of thinking?

Mike Norman said...

Most of them don't understand this, you're right. There are some, however, who understand it but believe it to be politically unacceptable to state it, so they perpetuate a mistruth for the sake of some perceived, political gain.