Professor of the History of Science and Affiliated Professor of Earth and Planetary Sciences at Harvard University
MORE ABOUT THE BOOK
“Merchants of Doubt,” http://act.forecastthefacts.org/go/956?t=6&akid=701.160933.3x09O4
..immerse, immerse, and lurk a bit and then open an account and get started…
Maybe contact : http://www.progressivesunited.org/
From Socrates comment on 2/6 Krugman column…
But what came first, the irresponsible lending or the irresponsible borrowing ?
It’s a very solvable chicken and egg question.
It turns out that irresponsible bankster lending never gets the full despicable extortion credit it deserves.
In the US, where austerity-lite was the preferred recipe to Germany’s outright economic torture of Greece, Spain and Ireland, let’s revisit how the banksters lured the American consumer into ‘irresponsible borrowing’ like a predator luring children into their cars with candy .
American banksters invented:
0% interest and ‘teaser’ rate mortgages
Delayed balloon payment mortgages
Then they hired an army of middlemen to sell this economic plutonium to the poor and middle class on a recklessly massive scale and massively inflated the real estate market on par with the Dutch Tulip craze of 1637.
Then they took the near-worthless tulip mortgage paperwork to their bankster friend rating agencies and told them to value that paperwork the same as gold.
Then they took that fake gold and sold it to unsuspecting municipalities, states, countries and pension plans the world over.
Then they ran as hard as they could for cover before their economic plutonium exploded in the world’s face.
Then the banksters cried for a handout and got one.
You cannot have irresponsible borrowing if irresponsible bankster lending doesn’t first lead the way.
It’s time for global banksters to take a giant haircut.
Another Krugman comment 2/6…
New York 2 hours agoLet us not so fear this crisis as to run from what it teaches us. The moment of truth already arrived in the form of Iceland and it was ignored. The moment of truth arrived again when Greek voters exposed the fact that Central Banks have always worked for the biggest banks in the world while cynically pretending their mission was ensuring the good of the people.
Europe’s 2nd Great Depression was caused by rampant bank criminality in unregulated financial markets followed by corrupt Central Bank and governmental policies which prevented accountability for those crimes. The people have, indeed, paid a terrible price and the real criminals have not. That is the most heinous crime to date.
Lending is gambling. Lenders then gambling with exotic securities derived from the bets they and their fellow lenders make is insane gambling, made possible only by the creation of hedging instruments that should be outlawed, entirely corrupt ratings agencies and fraudulent risk-management standards.
What is happening now is not a game of chicken, it is a continuation of what can only be referred to as financial terrorism. Iceland should have provided the model. Exposing systemic crime is dangerous but is also an expression of a desire for justice and long-overdue. Syriza and Podemos are the hope of Europe.