The current "plan" to "fix" the financial disaster unfolding before our eyes will end itself in disaster which will compound the disaster it was designed to remedy. The emergency plan might halt the collapse of the banking system temporarily (six weeks at most), but the collapse will simply spill over into another area, probably the US dollar. Therefore, a banking crisis and dollar crisis will manifest themselves.
One cannot solve a problem by avoiding the responsibility of those who are responsible from paying the price and shifting that burden onto the entire economy in the form of endless billions shelled out to cover bad loans. The utter lunacy of the plan is that the US government itself even before any bailout was on the way to needing to be bailed out itself, trillions in debt.
When the government itself needs to be bailed out, who will do the bailing??
John.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment