Monday, 18 April 2011

Bailouts & Sovereign debt

How the World Works: Part 1 - Bailouts &  Sovereign debt

The global banking elite squander trillions of pounds on bad investments then run squealing to democratic governments for bailouts. The governments and national banks bend over backwards to save the banking sector with free money, de-facto nationalisations, quantitative easing (printing money for the banks) and secretive multi billion low interest loans from the Federal Reserve. Despite all of this assistance the democratic authorities impose no real austerity measures on the banks and carefully avoid bringing in any serious reforms to prevent the bankers from crashing the global ecnomy again. The banking sector are allowed to carry on paying themselves billions in bonuses despite having brought the global economy to it's knees through their greed and stupidity.

A couple of years down the line the global banking elite decide that the cost of the bailouts has to be paid for by someone, so they set about downgrading the credit ratings of whole countries in order to impose severe austerity measures so that the costs can be extracted from the poor, the sick, the elderly, the disabled, the unemployed and from ordinary working people.

Governments like the Tory party are more than happy to go along with this bailouts for the super rich and cuts for the poor strategy because more than half of their donations come from their super rich banker mates. It is also in accordance with their party motto of "Take from the poor to give to the rich".

 If you enjoyed this post, maybe you could buy me a beer? £1 would get me a can of cheap lager whilst £3 would get me a lovely pint of real ale.
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