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The question has to be asked: “Why shouldn’t we default and let the banks fry?”

What possible benefit it there to the people of a nation whose previous leaders “sold out” the entire country on the basis of lies from the banks, notably Goldman Sachs?

Why not default and focus on full employment and resilience at home? Why rescue German banks?

If a new financial system is emerging, anchored by the BRICS [Brazil, Russia, India, China, South Africa], why not focus on being attractive that that new ethical financial system instead of giving up what is left in the way of seed corn to the old predatory unethical system?

Banks Sit in a Tangled Web

Many European Lenders Have Sold Sovereign-Default Protection to One Another

EXTRACT:

Of the total protection that European banks have written on government bonds in Europe’s five most-stressed countries, nearly one-third originated from German banks.

See Also:

Complex Societies Collapse When Commodity Prices Go UP and Financial Speculation Returns Go DOWN

Gold Paper About to Crash–Plus Gold Fraud RECAP

GRIFTOPIA Part II: The Next Mega-Meltdown

Iceland Gets It Right: Say NO to Bank Bail-Outs

John Robb: 147 Banks & Corporations as Global Financial Cancer, Gray Markets Fairs, Urban Foraging

John Robb: Concentration of Wealth = Central Planning = Fall of US Empire from Misappropriation

John Robb: Hollow States & Crisis of Capitalism

Journal: Banks Own Obama, His Mind, His Time

Journal: Financial Crime versus Financial Sense

Journal: Five Myths Debunked–Treasury Run by Crooks

Journal: Goldman Sachs Captures the White House

Journal: In Money-Changers We Trust

Journal: The Death of Responsible Government

Journal: US Gap Between Rich & Poor Widens by Factor of 10

Journal: Wall Street Financial Crime Spree Spins On….

Lynn Wheeler: Why Financial Systems Demand False Complexity and Ignorance…Corruption is Merely a Bonus

Mini-Me: 57 Finance Ministers Creating New Financial System–Over 50,000 Bankers to Be Held Accountable

Owl: Financial Terrorism in USA Against USA by Wall Street and 400 Specifically Named Most Wealthy

Reference (2): Income Inequality in the USA

Reference: The Fraud-Based US Economy

Reference: Wall Street Does NOT Produce Value

Review: Gods of Money – Wall Street and the Death of the American Century

Review: Griftopia–Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America

Review: The Battle for the Soul of Capitalism

Review: The Global Class War –How America’s Bipartisan Elite Lost Our Future – and What It Will Take to Win it Back (Hardcover)

Review: The Soul of Capitalism–Opening Paths to a Moral Economy

Review: What Comes After Money?

Steve Denning: Itemization of How We Blew Up the World

Turkey to USA: This is where you get off….+ RECAP

Why Isn’t Wall Street in Jail? + US Fraud RECAP

Worth a Look: Wall Street and the Rise of Hitler