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vpnbear
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Time For A 50% BAIL-IN

- Peter Souleles -

Although I admire your attempt to initiate an as-painless-as-possible way out of the financial mess we find ourselves in, I do not believe it possible.

First, your solution relies upon sensible behaviour of the same parties (banks, politicians) that through their insane actions have put us into this mess. In other words, if they are apt to behave sensibly we would not have these problems in the first place.
Second, I agree with OverTheEdge that there is at least one category of people that have absolutely nothing to do with the debt crisis that we find ourselves in. That is the thrifty saver, who is now already being punished with interest rates below inflation. In my view is is morally indefensible to even consider a haircut on these peoples deposits. And it may very well cause social unrest as never seen before, as it would be a very loud wake-up call to the indolent masses.
Third, it is, may I say, an "academic" solution that needs to be "implemented". I fear things have already gone too far to implement anything to change the course of this ship that is heading towards the iceberg. History is going to repeat itself, like in the rise and fall of the great Roman empire, and the ashes and ruins of this collapsed system are going to be the foundation for something entirely new.

Things have gone too far to be in any way corrected by the same people that caused the problems. Crash and reboot is inevitable. One might just discuss about the timetable.

Commented 4085 days ago

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Beginning of the headline :ECONOMIC SCHIZOPHRENIA -- You do not have to be a medical doctor to diagnose a certain level of schizophrenia in the market. Detroit files for bankruptcy with other cities lined up in the same queue and yet the stock market reaches record levels. The FED's actions have put us back "on course" but food stamp usage is at record levels and Bernanke admits that if he tightened monetary policy (i.e. raised interest rates) the economy would tank. Housing stages a recovery and yet we are greeted with... Read More

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