The recent comments of Joseph Stiglitz confirmed what the author of this blog has been writing from months: the banking business model degenerated into the same relationship as loan-sharks have with their victims.
Stiglitz told reporters in Singapore: "The likelihood of this slowdown is very, very high, There is a significant chance that the number will be in the negative range." He called on Washington to make more funds available to state governments who face a drop in tax revenue.
It appears that unless the taxpayers keep pumping up ever more money into economy, it will come to halt again. As this crisis is the direct effect of the collapse of the giant pyramid scheme engineered by the financial industry, more financial stimulai would be a classic example of an attempt to stop its collapse. In this process the financial industry is extracting taxpayers paid maney as profits, bonuses and dividends as the system operates resembling loan-sharks "business model".
It is very disconcerting that politicians, our democratically elected representatives, simply ignore such criminal arrangements.
Stiglitz told reporters in Singapore: "The likelihood of this slowdown is very, very high, There is a significant chance that the number will be in the negative range." He called on Washington to make more funds available to state governments who face a drop in tax revenue.
It appears that unless the taxpayers keep pumping up ever more money into economy, it will come to halt again. As this crisis is the direct effect of the collapse of the giant pyramid scheme engineered by the financial industry, more financial stimulai would be a classic example of an attempt to stop its collapse. In this process the financial industry is extracting taxpayers paid maney as profits, bonuses and dividends as the system operates resembling loan-sharks "business model".
It is very disconcerting that politicians, our democratically elected representatives, simply ignore such criminal arrangements.
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