Πέμπτη, 4 Μαρτίου 2010

Why did the banks go after the poor Greeks, Daddy? Good question ...

discount


THE INDEPENDENT 
February 15, 2010



Daddy, Daddy, who are the "financial markets" who are bullying the Greeks and the euro? Well, son, they are hedge funds, pension funds and the trading arms of the big banks.

But Daddy aren't those the same banks which the world's governments have just spent billions of euros, pounds and dollars to rescue from the consequences of their own greed and stupidity?

Er, yes son. And, Daddy, aren't those banks now betting those same billions to try to make money from the fact that some of the governments are over the heads in debt? Er, yes son.
And these countries, including Greece, would not have been so deeply in the red if they had not given all those billions to the banks who are now attacking them? Or if the world economy had not been dumped off a cliff by all that bank-inspired debt and bank-led speculation in bad debts?