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Politics : President Barack Obama
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To: RetiredNow who wrote (126215)11/2/2012 9:35:05 PM
From: tejek  Read Replies (1) of 149317
 
This is only a half truth. You are correct in saying the Spanish gov't didn't live beyond its means...at least not catastrophicly, but it was the Spanish people and the Cajas and Spanish banks who engaged in much of the same risky real estate behavior we did in the US. That toxic debt is now being absorbed by the Spanish gov't. It's the same in the US. The banks and financial industry spun real estate debt and derivatives into monumental toxic assets, which landed on the US balance sheet. Anyone who knows how debt based currency works, knows that this debt creation is the same thing as massive money supply expansion. The wealth created is ephemeral and prone to sudden evaporation. Now the taxpayers are on the hook. Instead of paying it back, we're printing money, which impoverishes the 99% to save the asses of the 1%. In Spain, it's a bit of austerity, which once again impoverishes the 99% to save the asses of the 1%. Your flawed thinking is that you believe that inflation is not a tax, but it is. It's insidious and "not one man in a million can diagnose it" as the cause of their impoverishment. - mindmeld

I am curious, MM.......who do you hold to the higher standard......the poor American or Spanish smuck who thought s/he had a chance of owning his/her own home and so signed onto those crappy mortgages that weren't worth the paper they were written on.........or the Republican bankers who knew the mortgages were crap; that the people getting them would not be able to make the payments long term but saw them as a way to increase their bottom lines in the short term?
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