Instead of liquidating bad debt, banks are rescued by lavish funding even though they’re technically insolvent. Toxic debt’s are still with us, and the public’s on the hook for amounts the government is covering. The public sector is equally fragile, but unlike banks the people are paying for their own losses. Greece is the epicenter of global pillage, but it’s heading across Europe and toward America.
Globally, ordinary people face greater burdens. Retirees, the disabled, and poor households are hardest hit. Proposed tax increases on America’s rich either won’t pass Congress or will be largely offset by new loopholes.
Class war rages. Western society’s future faces high unemployment, poverty, less government help, low pay for employed workers, few if any benefits, and higher prices for basic services like food, healthcare, transportation, electricity, heating oil, and water.
Households with below subsistence incomes will be hard-pressed to survive, and governments don’t seem to care enough to help. Wall Street and major European banks have usurped unprecedented amounts of money with complicit politicians.
As a result, ordinary people are harmed. They’ve lost jobs, homes, savings, and futures to let privileged elites get richer and more powerful at their expense. Elites are extracting maximum wealth to pay bankers and force austerity when stimulus is needed to create jobs and growth.
Article Title: Banker Occupied Europe and America
Author: Stephen Lendman
Publication: globalresearch.ca, 12 February 2012
Faculty Evaluator: Michael Visser, Sonoma State University
Student Researcher: Devin Bowen, Sonoma State University