- youngdan wrote:
- If you want to know how it worked go back to 1912
I went back, and it went straight on to 1914-1918.
When a bubble bursts like this, there is a sore temptation on men with bombs to try and wipe a good portion of it out for a nice clean slate. There is a thread here on the US military plans for resource wars. Just so you and anyone else is sure, I am NOT in favour of this.
I understand that 80% of people in the US who don't want bail out are against the other 20% who do. This is a big divide. Left and right are on the same side in Congress against the robbers - the right will disappear from that side of the argument quickly enough once the election is over. I think that poor and middle class people who back robber barons need to think about it again. The "big money" layer of people are a parasitic form of existence who take out without putting in. They should go and get real jobs. The idea that moving money around should be rewarded by the power to suck everyone dry is imo crazy.
The Swedes got it more or less right when they had their banking collapse - the took the banks over as they went down, sorted them out and put them back into action when they were up and running again. Nobody running a bank was bailed out, but the economy was.
Our problem in doing that in Ireland is - is there the wherewithal to withstand the losses? A bankrupt bank is one thing and a bankrupt State is quite another.
In that event, the only way of keeping things like State services going is for the people running them to take them over and keep them going and try to find investment from outside.
If people think it can't happen they should look at Russia after the IMF went in - people in State services weren't paid for months on end.