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- ► 2010 (70)
Tuesday, June 21, 2011
There is something very wrong about the world when financial institutions are suing each other for negligence or incompetence, when those financial institutions are both government-owned and by implication, exposing taxpayers to law suits. If one looks back, it was the governments of the Western world which precipitated the crisis by:
1. Not properly regulating financial markets
2. By aggressively stimulating or distorting markets with various incentives like First Home Buyers grants, relaxed bank regulations and ultra-low interest rates.
The culmination of the crisis was that banking executives were able to leverage their exposure to profits by profiting hugely from their options incentive schemes, leaving shareholders and taxpayers with the losses as they walked away with their bonuses. They then benefited from a stimulus-induced recovery in the market, only for taxpayers to experience a succession of law suits. Yes, government officers are using taxpayer funds (in the interests of taxpayers) to engage in high-cost law suits against other governments. This of course can only result in lawyers getting their share from taxpayers. If you are severely repressed, then this will be of no concern to you. If you are angry, then there is only one thing to do - direct your energy - your minds - towards making those perpetrators accountable. The reality however is - the perpetrator - is probably yourself - for not thinking...for surrendering your personal sovereignty to government; for allowing them to freely tax you. You can sanctioned the actions of government. Yes, all you practical people in the world who thought if you just worked and saved, there would be plenty to go around...that you would be ok. Nothing is assured if you surrender the realm of ideas to the collectivists, whether they occupy seats in government or lead lobbyists in your state capital.
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