Banks Should Die for Their Countries, Not Countries for Their Banks
by Eric Margolis
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Greece is using the same scare-tactics that the supposedly too-big-to-fail insolvent US banks employed in 2008: “if I go down, I’ll take everyone with me.”
In this case, it’s Europe’s big banks. Three big French banks, BNP, Crédit Agricole, Société Général, hold large chunks of Greece’s debt. If Greece defaults, goes the hue and cry, French, German, Swiss, and Belgian banks may crash.
Here we go again. Politicians have allowed the banking industry not only to grow larger than manufacturing, notably in the United States where the top five banks control 40% of all deposits, but to become so powerful, over-extended, and risky they are a danger to itself and the public.
Bankers who invested in Greek debt or US subprime mortgages were greedy fools and should be fired, not rescued.
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Seems logical to me “2big2fail” is “2big2be”.
Only politicians and bureaucrats don’t seem to see the concept.
Nature only allows an efficient size.
“We, The Sheeple” need to update our paradigms and memes.
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