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mrfreddo
1 Comment
Bankers Need to Fess Up Now [view article]
If you remember the international debt crisis in the 70's, you will recall that banks did not tell the truth, at least not all at once because to do so would have driven home the reality that they were broke. So, the international debt was written off over a long period of time and we all survived to screw up another day.It is the same story now. There is a trillion of write-offs yet to come and we cannot take it all at once or a catastrophic meltdown of the financial system would occur.
So, you see the banks are all lying to us for our own good while they bargain for more time to shore up capital reserves with new infusions of money from the middle east.
We will muddle through this crisis as we have all others... Feb 21 11:31 AM