The unstable financial system rises to its feet for a final death blow
Its easy, so easy to believe the story that printing money has saved the banking systems and the economy. But money is only a concept based on the belief in its exchange value.
So what is going to happen when people in the UK realise that the money in their pocket is now worth a fraction (UK currency down 20%, asset prices up 50%) of what it was last year?
The Americans are better at exposing charlatans that we appear to be. A handful of bankers will go to gaol, some ‘People’s Champions’ on TV will go for the jugular and ask the difficult questions.
Watch;
Barofsky currently serves as the overseer of the 700 billion dollar bailout the Former President George Bush dedicated to bail out the banks.
So ’There has not been meaningful regulatory reform’. We are back where we were with even bigger banks and little growth export production, no drive to import substitute or productivity revolution.
When this new bubble pops the government will almost certainly nationalise the saving of the few people ‘sensible’ enough to have them.
It will get them by the back door by high inflation coupled with low interest rates.
