Help! What’s the Cure for Financial Insanity?

by Les Leopold

4. Little countries that falter, like Greece, will continue to put the whole global economy at risk.

We’re told that the Greeks have only themselves to blame: They retire too early, drink too much retsina and often break into dance without warning….all on borrowed money. Yes, they broke the EU’s debt limit rules. But they had a bit of help from Goldman Sachs, which made hundreds of millions of dollars in fees for creating complex derivatives to “help” the Greek government hide their debt. And yet Congress still refuses to regulate these scary financial items because they are “customized.” Of course it was the global crash begun by our big banks that sparked the Greek fiscal crisis in the first place. In a sane world, the largest banks and the wealthiest investors in Greek debt (who caused the crash in the first place) would be forced to make reparations for the damage they caused. Instead, we have to make the Greeks stop dancing? Sicko.

Source: Huffington Post

Comments