Mutual Indebtedness

I usually think that Nigel Farage is a hateful reptile. But watching this speech on 13 June I have to admit that he has a point. European politicians have their heads up their arses.

"I remember 10 years ago... [they were saying that] with the Euro by 2010 we would have full employment"

100 billion is being put up for the Spanish banking system. 20% has to come from Italy. The Italian banks lend money to Spanish banks at 3% interest, but they have to borrow it from the markets at 7%. Genius! [Paraphrase].

2008 "The US Bailout Won't Work"

Here's Steve Keen being interviewed in 2008, explaining why the US bank bailout wouldn't work. And of course he was right. It didn't work. Are they listening yet? Not hardly.