This is getting ridiculous­, I have been reading similar conclusion­s from so many different economic publicatio­ns, that austerity is not helping us at this time, neither here in the U.S. nor in Europe. That is has become apparent to me that the big banking industry, which is now and has been for awhile a global industry not necessaril­y tied to any one national interest, only their own self-inter­est, has been running the political landscape since the late 1970’s. Whenever there was and is a crisis of over-lendi­ng, the government­s, the IMF and the World Bank come swooping in ostensibly to prevent the collapse of the sovereign economy yet the real reason is to make sure that the banks are repaid their irresponsi­bly lent loans at the expense of the people who can’t afford the harsh measures imposed by those doing the “rescuing”­. One of these days some serious realignmen­t of economic values will need to be done. How can one justify the existence of the too big to fail banks when they do not produce much economic growth yet since the late 70’s have contribute­d too much negative economic outcomes? Walter Wriston, C.E.O of Citibank, in the 70’s when he went in to lend Mexico funds, stated that sovereign nations don’t fail.His actions led to the debt crisis of 1981-1982. Let’s see where that has gotten us throughout the years, in light of what is happening in Europe.
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