Before you shed tears for the plight of elite bankers, let this statement sink in:
Cyprus’ banking sector must shrink. As did Ireland’s, the hard way. What is essential, as every Irishman and woman will tell you, is that the politicians do not load up the weaker citizen’s/taxpayers’ shoulders with enormous debts on behalf of bankers that refuse to wither.
Read more at https://www.nakedcapitalism.com/2013/03/yanis-varoufakis-while-waiting-for-cyprus-godot.html#dCKwchxGzzT2ljPx.99
That’s from Yanis Varoufakis, professor of economics at Athens University.
Read more →Break out the Depression Glasses to toast the Obama Administration’s latest foray into economic disaster. Just posted on WSJ.com:
BREAKING: The Federal Reserve and other central banks open a credit line to send dollars to Europe to ease debt crisis.
Yes, folks. Your taxes are going up, your kids are going deeper into debt, to bail out lazy, overpaid, spoiled Greek socialists. Thank your president.
The U.S. move follows a panicked decision by EU leaders to pump hundreds of billions of $$ into failing socialist economies in Europe to avert a global economic collapse.
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