An essential read in light of the sheer quantity of nonsense being spouted by what passes for the media these days. John Ward is right on the money. Again.
The Dow lost something far more valuable than a few thousand points last week. It lost the mutual trust upon which bourses are based.
What will happen this time when the citizenry is once more asked to pick up the tab for the depravity, criminality, anti-social greed and sociopathy of the bourse/central bank racketeers? The Slog spells out the history, and offers an immediate outlook.
The trail of citizen rape that slithering financialised bourse neoliberalism has left behind it goes back quite some way:
- Ignored overheating in 2003
- Doubled UK national debt in 2009
- Cost £790 billion to bail out British banks, 2010
- Cheated everyone with SIPP Bear Notes via QE, 2011-ongoing
- Removed all income on capital for the retired with Zirp, 2012-ongoing
- Rigged the Libor rate to cheat retail customers
- Pushed share valuations up by 300% in nine years based on cheap credit
- Within a year of Crash1, started…
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