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How is Ireland going to dig its way out?
The Insane Orthodoxy of Debt
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ECB = European Central Bank
It's THE issue of the day.
Are sovereign governments going to take on the debts of failed PRIVATE banks?
Iceland said "no" and the world didn't come to an end.
Irish voters voted out the politicians who wanted to bend to the ECB, but the new politicians are going to do it anyway.
Why are governments doing this to their people?
It's the trillion-dollar question.
There is no ethical, practical or financial reason why the public should take on the bad bets of bankers good, not in Ireland, not in the US, not anywhere.
There's only one reasonable explanation: the government stooges are being paid off. In exchange for wrecking their own country's economies and the livelihoods and prospects for millions of people, THEY'VE been assured that they will be taken care of.
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