With BBQ sauce, roasted medium-rare over an open fire please.
(Reuters) – Germany’s Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help.
Speaking of which, where do these governments get the idea that they can run their policies? Where do they run their bond sales through? How does all this happen?
Oh yeah, that would be the douche-nozzles at the banks that are buying and reselling those bonds, in some cases through formal procedures like our “Primary Dealers” and in others through non-formal procedures — yet in any event huge percentages of those offerings wind up on bank balance sheets.
Never mind the “advisory” role that all these finance folks have with governments. Let’s just call it what it is — it’s not advisory at all, it’s a permission system.
“(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required,” the Bundesbank said in its monthly report.
Not at all, since the tax payers cannot, under the law of most nations (including the US) sue to stop the profligacy of the government or even sue when there is outright fraud, waste and abuse, as the courts continually rule they have no standing to do so.
The person who has no ability to stop something cannot be ethically held accountable for it. On the other side the entities that voluntarily go along with such a policy, advocate for it and enable it are the ones who should be held to account.
That would be the banks, both central banks and commercial banks.
Therefore, by the Bundesbank’s logic, it’s quite simple: First, when the government spends beyond its means and gets in trouble, the people should BBQ and eat the bankers.
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