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View Diary: If the Euro fails. (282 comments)

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  •  Funny . . . (30+ / 0-)

    But if you look at the history, they were also the core offenders in the Great Depression meltdown.  Forget Wall Street.  Wall Street crashed because somebody noticed the bank collapse beginning in slow-motion in Germany and Austria.  They had been holding together a house of cards based on the illusion that someday -- just not today or tomorrow if you please -- they were actually going to pay off the reparations they had been charged at Versailles but always intended to wriggle out of at the first opportunity.  Meanwhile, every developed nation in Europe had borrowed literally tons of money from the New York banking system to fund World War I, and their repayments had been predicated on the assumption that they were going to receive the reparations, which the Germans neither could nor would pay.  When it finally became obvious that the war debt wasn't going to get paid off by anybody, everything went into freefall.

    This is actually similar, in that the original core of debt at the center of every sovereign debt in the world dates back to World War II, which was used to justify every kind of debt, austerity, and accounting trick, because the 1%'ers of the separation coalitions were basically fighting about "Who Gets To Hold The Bag?" from World War I.  And nobody could hold it.  There just wasn't enough money in the world.

    I do think that this time, if they try that game again the 99% are going to tell them to go take a flyin' leap.  Patriotism has gotten burned out by the abuse.  We've mostly figured out that we aren't the ones being either attacked or protected by mass military actions.

    •  Yes, they'll tell them to take a flyin' leap (6+ / 0-)

      and that will be the end of elite control. That's what they've desparately been trying to prevent all along, to make us think we have no choice but to support the banks. It's the fear of what will happen once they fail that keeps them in power and that allows them to funnel all wealth to themselves.

      Sure there will be distress when the banks fail, but out of that unknown will come the opportunity to recreate our world according to the dreams of us all. We all have to go down that rabbit hole together in order to emerge as one global people creating our world so that it works for everyone.

      Take heart, everybody. It's all good. One day we'll look back in gratitude for the fall of the banks that gave us the opening to reclaim our planet.

      working for a world that works for everyone ...

      by USHomeopath on Sun Nov 27, 2011 at 12:09:46 PM PST

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      •  I Agree (0+ / 0-)

        the banks and financial institutions holding the paper must fail, whatever the resulting carnage.  Nothing can be fixed until they are all destroyed.

        Hah, I sound like a fundi capitalist.

        Advisors for President-Elect Barack Obama feared the new administration would face a coup if it prosecuted Bush-era war crimes, according to a new report out this morning.

        by Kurt Sperry on Sun Nov 27, 2011 at 07:40:59 PM PST

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