Monday 4 October 2010
The Broken Global Banking System
"bankers now borrow from their customers"
Now? They always have - that's how banks work.
When banks succeed, they pay it back, when they fail, they don't.
The new wrinkle is a ponzi scheme whereby, to avoid failure, banks borrow money from the taxpayer to pay back their customers. (Yes, Virginia, their customers are taxpayers.)
"bankers now borrow from their customers"
Now? They always have - that's how banks work.
When banks succeed, they pay it back, when they fail, they don't.
The new wrinkle is a ponzi scheme whereby, to avoid failure, banks borrow money from the taxpayer to pay back their customers. (Yes, Virginia, their customers are taxpayers.)
# posted by Had It in Holland Park @ 01:12 
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