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PaulS's picture

Global recession explained

An excellent article in The Guardian entitled
'Global recession - where did all the money go?'

It is good to see that SOME (few) commentators are beginning to join the dots. Having realised that the so-called rescue packages will not, can not, work, hopefully some will begin to see what really needs to be done, and that is:

1. Let the bank fail, let their toxic debts crystalize
2. Let their assets be purchased by banks not affected by the crisis (HSBC, some building societies, mutual funds, perhaps some pension funds or even non-finance sector companies and individuals.
3. Let these form the new and clean banking sector
4. Let these clean banks borrow money form the Government (if they still have some) to restart commercial and individual finance
5. Let debt reduce across the board
6. Let companies that are over reliant on debt go under and better managed companies take over their assets.

This way we may actually end up with a working, clean financial system.

Currently ALL the money pumped into banks is utterly wasted - as it simply goes to settle their toxic debts obligations, which amount to well over $500 trillion = 10 times more than the GDP of the whole planet, and that can never be repaid. That way lies ruin not just for the banks but also for nations (and its people = you and me) that venture that way.