Thursday 8 December 2011

Excuse me, but both governments AND banks are guilty

Excuse me but can I ask a question?

How come the banks can loan any amount of money, at an interest rate they demand, to countries that are in contravention of the Maastrich Treaty (3% deficit and 60% debt, to GDP)?

Are they totally immoral or, in my belief, illegal in doing so. I really don't see why they should not have just turned round and said to countries outside the parameters of the EU treaty (not just the euro zone!) that they will not extend any more credit. To extend credit outside the limits is to gamble with our sovereignty and I am sure no one of us would agree with that. It was, and is, wrong to believe that they can go on expanding their loans, and thus making more and more profits, from exploiting us, we the people.

Both sides are guilty

So, let's start putting the blame in both places where it belongs. Sure governments (not "politicians", but elected governments) have sought to break the rules and gone about spending that they could not afford, but the banks are equally guilty in making the loans.

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