Killing Hope: US Military and CIA Interventions Since World War II
By William Blum
Joe from NY in a Krugman column comment puts it nicely:
- This is a financial crisis that resulted from allowing bankers to use financial weapons of mass destruction in secret casinos and then letting those same bankers control our political leaders.
- Secondly, it is too late for European leaders to reverse course. They chose to protect banks, bondholders, and themselves, not the people. The major investment banks in Europe and America should have been allowed to fail, with losses felt by shareholders and bondholders. Instead, the choice was made, driven by the influence of American and British banking interests, to kick the can down the road, providing time for losses to be unwound or hedged, and to pass as many trillions as were necessary from private balance sheets onto public ones in the form of austerity and outright purchase or guaranteeing of those toxic assets. That path was fatal from the start, intentionally designed to save the few, no matter the cost to the many. It was us or them. Now, one by one, countries will be bled dry by the plutocrats. The time for revolution is here.
- Dave, SC We should all keep in mind that corruption is at the root of economic problems both here and in the Eurozone. The Great Recession is more correctly referred to as the Great Corruption. Greece was permitted to join the Euro by presenting falsified accounts of its debt and income levels. Here in the US, banks packaged dubious mortgages into securities that were rubber stamped as investment grade investments. Further stimulus will do little in the long term without strong and convincing steps to beat back corruption.