A must see episode of BBC World’s The Oracle with Max Keiser. Along with guests Jim Rogers and Michael Hudson, Keiser discusses angry bailout losers in the US; a ‘monetary Stalingrad’ in Eastern Europe; and whether Swiss banking can survive without tax cheats and money launderers.
The Oracle with Max Keiser Guests: Michael Hudson and Alfredo Vallabao Topics: Bailouts and China, US Treasuries
February 27, 2009
Don the libertarian Democrat Says:
March 1st, 2009 at 4:12 pm I agree with Jim Rogers about letting insolvent banks fail, if that means seizing them and spitting them back out to private buyers. I especially agree with his political point, which is that propping up banks and shareholders at the expense of the taxpayers is a recipe for political problems going forward. Many people seem to be underestimating the downside to a massive taxpayer loss to save incompetent banks. At best, it looks like crony capitalism. At worst, if it ends up losing us hundreds of billions of dollars, it will lead to a serious distaste for the whole system. Where that distaste leads is very problematic