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| Economy |
| Writing Off |
| 2011-11-15 |
| The only solution to bad debt is to write it off--renounce it all. Why aren't those who took the risks for their own private gain being forced to absorb the losses? Can we please dispense with the fantasy "solutions"? --There is no way Europe is going to "grow its way out of this debt." --"Restructuring" is a code word for writeoffs. --Printing euros to buy the bad debt is just a shuck-and-jive game of transferring the losses to unsuspecting holders of euros or taxpayers. --Nobel prize winning economist Thomas Sargent noted: "There's a fundamental truth that everyone has to understand: what the government spends, the public will pay for sooner or later, whether in taxes or inflation or having their debt defaulted on." (Source: BusinessWeek 11/20/11). --There is no free lunch. --the central flaw in the global financial system: risk has been disconnected from return. --Not only has the risk been palmed off onto --The current system works until the debt-serfs rebel. --Those who made the bets should rightly lose everything--yes, be wiped out. Who should not suck a loss are those who did not stand to gain: the taxpayers and holders of the currency. --Life will go on if the banks are wiped out and closed, pension funds and insurance companies take losses, etc. |
| Posted by:Anguper Hupomosing9418 |