711, what an amazingly patronizing reply, I wouldn't expect anything less. I don't need to give my "educational background" to anyone, the beauty of this whole financial escapade is that anyone with half a brain can see the writing on the wall, you don't need a phd in economics to diagnosis the problem, after all, it's up to anyone with a heart beat to find out what is going on and then find a way to protects one's wealth. Do you think I research the markets and economics just to beat my chest and prove something on this pathetic forum, for crying out loud!
The simple fact is, and yes it is very simple, the banks made far too many risky loans both in the sub prime mortgage crisis and now in the euro arena. Not content with this, they used their influence in politics and the fact that they are private shareholders at the Federal Reserve, to socialize the losses by off-loading bad gambles on to the balance sheets of the European/American people, often with the simple stroke of a keypad at the Fed which magically created trillions in fiat money to basically camouflage the gambles. The banks are given money on a plate to take away mistakes, the inhabitants of nations are made to pay for those mistakes, as in the case of Greece, with crippling interest rates and before anyone says the Greeks had it coming, why couldn't the banks see that before they purchased Greek debt? I'll tell you why, they bloody well knew that taxpayers would back stop them. Anyway rant over, I'm going back to study Part A now because as a pilot that's the only thing I should concern myself with.
