from USA Watchdog:
Financial commentator and trader Karl Denninger says what is going on in the Greek debt crisis is really a global problem.
Denninger explains, “All of these countries have engaged in the same lie. They have all engaged in the same fundamental fraud, which is you can spend more than you take in on a permanent basis. It is the same fraud that is going on here in the United States. We just haven’t gotten hammered with it –yet, but we will. This is a fraud. The people who did this need to go to prison. There is no way to undo that Gordian knot, other than to say we can’t pay it. We never could pay it. You were lied to, and by the way, the people who participated in the lending were active participants in a crime.”
It is now reported that the so-called Greek bailout really benefited big banks who allegedly received more than 90% of the bailout money. So, who was the bailout for? Denninger contends, “That’s the whole point. There was no real bailout.
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