15 years ago, a rogue British trader at Barings racked up billions in concealed losses. What did the UK do, with this bank that had financed the original Mayflower expedition to the New World? They stepped back and let it fail.
When we failed to follow that healthy example, THIS is where it led.
Did you know 33% of all Greek people are gov’t employees and that the lowliest bus driver there makes over $60k yearly?
THIS is why our forefathers had opposed the establishment of a central bank, which is what the Fed is. It was to prevent treachery of this sort.
If you can’t fail, you cannot SUCCEED.
Regarding the stats on the percentage of people working for the government in Greece, my brother and I were discussing this just today. He stated that he heard appx 31% of OUR working people are employed by the government in one form or another.
It would appear that we are at the tipping point. Not only monetarily, but also endurance/tolerance wise.
15 years ago, a rogue British trader at Barings racked up billions in concealed losses. What did the UK do, with this bank that had financed the original Mayflower expedition to the New World? They stepped back and let it fail.
This, along with all my friends has become the hot button issue, as it has cost every American greatly while a few get much more. Capitalism is supposed to be about taking risk, being accountable and facing failure from incompetence, and with the owners and shareholders taking the total hit and loss IF there is failure. It shouldn’t be us taxpayers bearing the burden from the failure of banker capitalists, but that’s what the new philosophy is now in the USA with crony capitalism. Both Parties are guilty too.
If Barings was competent they would not have allowed a rogue trader to destroy them. They needed to go bankrupt and so did most of Wall St in 2008 along with the management and owners. Instead those such as Blankfein of Goldman and Dimon of JPM were enriched for failure. How is it that taxpayers were put on the hook for incompetent greedy bankers?