In Spain, ordinary folks lost Billions in a Bank consortium touted to be a safe haven for investors expecting to earn 7%. Only one catch, the Banks joining together knew they were on the verge of Bankruptcy before they launched their IPO?
Unlucky, gullible investors were lured into what they believed to be a safe investment. Now the Banks are under water, nationalized and about to be bailed out by the EU..The investors are hiring attorneys to re-claim their lost millions. Sound familiar.
- Where are the Regulations and Laws to protect ordinary citizens from Fraud?
- Seems to me, it’s prudent to “clean-up” the monetary system first
Next, let’s look at the UK. The Brits assumed if they cut government the private sector would take on the demand for jobs and services. There’s just one problem. There are no buyers. There is an absence of demand, austerity has not worked. It appears that most of the schemes(the Financial Times comment, not mine) planned won’t work either. Since, when given the choice, banks hold on to their money.
- I propose, let’s think small. Start programs that put more money back into the people’s hands. Mortgage interest reduction ? Student loan reduction through viable programs?
Let’s stop the pain and start on the path toward uttering a “sigh of relief”.