
When the shoe is on the other foot, and the rich countries who formerly gave out that advice are on the receiving end of some richly deserved, well-earned financial chaos, apparently there is no limit to the amount of money that can be spent on behalf of their respective nations to buy their way out of the problem.
The taxpayers of these nations will now be required to pay many times over for the losses others incurred. Nationalising the debt-eaten corpse of a former market high-flyer is small consolation for the people who will have to stump up the US$ 1 trillion (plus) estimated to buy out all that bad debt.
Of course the alternative would have been worse: Companies crashing as the streams of falling dominoes headed off in all directions; millions out of work; banks falling over by the dozen. Not a god look to destroy wealth on that scale just as the baby boomers begin to retire. Bad enough the present situations has already shrunk their pension funds just as millions upon millions will looking to begin to draw on them in retirement.
My own super fund is now worth barely two thrids of what it was worth 2 years ago. I would have been far better off to put the cash in a box under the bed. The advisers say it will be ok in the longer term. But for someone (not me) who is 65 today or in the next few years at least, that isn't going to help much at all. It looks like those who took the advice to save for their retirement have been made fools of.
Someone got fat eating my money.....and now tax payers in many countries will have to pay for these losses twice over: through taxes on what they earn and again through reduced incomes. Both as a consequence of actions taken by others who clearly screwed up on a monstrous scale.
All the evidence I've seen indicates free markets are REALLY a place where the consequences of corruption and incompetence can be maximised.
From poisoned milk to collapsed buildings to global property bubbles, too much market freedom for people who think only of money is more obviously than ever a bad thing.
You said, "When the shoe is on the other foot, and the rich countries who formerly gave out that advice are on the receiving end of some richly deserved, well-earned financial chaos"
ReplyDeleteYou are aware, that there are of small time share holders that lost a majority of their money, and people are losing their houses? Do you think they deserve this to happen to them?
Brett: In so far as your confusion appears to be deliberate, I'll leave you alone to ponder your own question.
ReplyDeleteWhy do you defend the people and policies who created the problem for the small time share holders you ask about?