lunes, 4 de octubre de 2010

Ann Pettifor: The Broken Global Banking System

Is there still any hope of global economic recovery? Everybody has heard about how unsustainable the social security system is, but this is real (and terrifying) news. Is there any sector of the economy that is not living way beyond their means? The governments of Spain and France are trying to fix their own social security systems in order to avoid the Greece meltdown replicating in their own countries. In America, one trillion into more debt for stimulus and bailouts ended in a jobless recovery. "By borrowing from the real economy, and then refusing to lend, except at high rates of interest, bankers are effectively performing a lobotomy on the real economy.", that summarizes it. An organization that tries to survive by not wanting to do what they were supposed to be created for its an absurd. But there's something else: if you're the goverment and you aren't sending the right signals to the economy, no one will be willing to invest and borrowing money will be out of the question, too. Who wants to lend millions in times of uncertainty?

Read about Ann Pettifor: The Broken Global Banking System in The Huffington Post.

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