Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
If you begin gaming out major bank resolutions and speculative attacks on your currency when it is unspoken common knowledge that your banks are insolvent and your currency too high, then they risk becoming self-fulfilling prophesies.

This is a rationale for keeping one's head in the sand. And it is unspoken common knowledge that our banks are insolvent. Currencies vary in relative valuation. But if we take this "unspoken common knowledge" seriously, we can be certain that some of the large players ARE gaming the system NOW. Their focus is Greece, Ireland, Portugal and Spain. The time for the USA, the UK, France and Germany will come. China may well crash of its own accord. Responsible people HAD BETTER be gaming several of the more likely scenarios as they are almost certain to have to be playing them out for real, some of them by the end of this summer.

What we have, seems to me, is ideologically driven learned helplessness. It was learned so as to facilitate looting by the elites and now is retained to justify even vaster looting in the name of "financial stability". But it is not and cannot provide stability. Until and unless that mindset is broken the crises are going to be getting worse and worse and more and more frequent.

As long as fraudster banksters are considered too big to prosecute the con continues to run. The longer it runs the bigger the final toll.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 20th, 2011 at 05:39:38 PM EST
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