Gonzalo Lira, “Want To Ruin Your Own Country? Assume Your Banks’ Liabilities”
“Want To Ruin Your Own Country?
Assume Your Banks’ Liabilities”
by Gonzalo Lira
“Recently, I read up on how Iceland is doing- surprisingly well, actually. Unemployment is down, the Krona is going back up. Good balance of trade, good fiscal balance sheet. Quite the turnaround, after its troubles over the last couple of years- so then if Iceland is doing OK, why then are we in the hole that we’re in?
That’s why we’re in the trouble we’re in. That’s why Ben Bernanke is crying himself to sleep every night. That’s why the world’s economies are slowly circling the drain—remember what happened, in the fall of 2008? The Federal government bailed out the banks with the famed—not to say infamous- TARP: The Troubled Asset Relief Program, a $700 billion bailout of the banks by any other name. For its part, in order to “save the financial sector”, the Federal Reserve expanded its balance sheet- that is, it printed money- to the tune of $3 trillion dollars, between Quantitative Easing in ‘08-‘09, QE-lite in early ‘10, and now QE2."
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