So I'm looking at what's happening in Italy and start thinking to myself, What a smoldering pile of global financial crap we have on our hands. All we seem to be doing is kicking it down the road too.
No analysis here. Just one line on several of the many smoldering financial pieces that will be part of our next economic meltdown ...
What makes all of this so difficult to swallow is that the banks and financial institutions that created this mess are doing just fine. The reason is because they are allowed to draw on the public treasury, of numerous nation-states, when their financial schemes break down. History tells us that that we're all in trouble when we allow financial oligarchs to loot the public treasury to fix their mess.
I'll make this short and sweet. With the global economy smoldering, we're all living on borrowed time.
- Mark
UPDATE: Oh look, there's more ... from China (and getting worse) ... from Greece ... and don't forget Portugal.
No analysis here. Just one line on several of the many smoldering financial pieces that will be part of our next economic meltdown ...
Lies: With the help of Goldman Sachs Greece lied (big time) about its debt to get into the Euro zone (2001).
Smoke & Mirrors: The Federal Reserve is funneling hundreds of billions of dollars to other countries to keep Europeans invested in Wall Street.
Lies: The Italians lied with the help of Goldman Sachs (again) and are now paying the price (€8bn) for cooking the books in the 1990s so they could ditch the Lira and get into the Euro zone (1999).
Smoke, Then Mirrors: The European Central Bank is now run by Mario Draghi, the same guy who helped cook the Italian books in the 1990s, then went to work for Goldman Sachs, and encouraged the bailout of Cyprus.
Lies: Cyprus lied about wanting to save the economy when they were really bailing out Russian money launderers, Greece, and the stupid bankers who foolishly bought Greek bonds.
Smoke & Mirrors: U.S. financial institutions don't want to put up any real collateral to back their casino-like gambles, instead relying on borrowed assets and debt to back their bets.
What makes all of this so difficult to swallow is that the banks and financial institutions that created this mess are doing just fine. The reason is because they are allowed to draw on the public treasury, of numerous nation-states, when their financial schemes break down. History tells us that that we're all in trouble when we allow financial oligarchs to loot the public treasury to fix their mess.
I'll make this short and sweet. With the global economy smoldering, we're all living on borrowed time.
- Mark
UPDATE: Oh look, there's more ... from China (and getting worse) ... from Greece ... and don't forget Portugal.
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