Tuesday, October 4, 2011

Save our banks

EU preparing bank rescues amid Greece doubts
(Reuters) - European finance ministers agreed on Tuesday to safeguard their banks as doubts grew about whether a planned second bailout package for debt-laden Greece would go ahead.
Hours earlier French-Belgian municipal lender Dexia SA became the first European bank to have to be bailed out due to the euro zone's sovereign debt crisis.
Comment: The "saving" of the banks was how the problem started. The practice of bailouts was the mortal sin. The modern interventonist warfare-welfare state is coming to an end. Too much debt kills not only corporations and families, too much government debt kills all of us. That is the Keynesian legacy: Indeed, in the long run we are all dead.

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