Quote of the Day | 1127

As European countries have dug themselves deeper and deeper into debt in recent years, there has been a dramatic increase in this dependence. Governments are addicted to borrowed money — and banks meet this need by purchasing sovereign bonds. As an unspoken reward, the banks expect nothing less than a guarantee of their own survival. Should a bank run the risk of collapse, the state is expected to use taxpayer money to prop it up.

‘The Faustian Bargain between States and Banks’

[x]#10527 fan dinsdag 27 november 2012 @ 16:49:02