All we had to do was borrow a few trillion and things are as they were. Record bonuses at investment banks *prove* that things are back to normal, right? Or are banks simply a conduit to pass through taxpayer money? Regardless, for one reason or another the banks are back in the risk business in a big way. This time they’re betting on black using taxpayer money.
A recent report commissioned by the Roosevelt Institute by a group of economists and academics, including Rob Johnson and Elizabeth Warren says: “Risk-taking at banks will soon be larger than ever.”
Without more stringent reforms, “another crisis – a bigger crisis that weakens both our financial sector and our larger economy – is more than predictable, it is inevitable,” Johnson says in the report.
Honest to God, the next crisis – if it occurs before we sort out the current deficits – will result in a global depression. Governments are tapped out and are already facing budget crises. The only thing that could possibly save us is that governments are the second-least worst choice if things collapse. Gold is probably the best choice.
