Wow, what a cool blog

14 March 2008

“The US faces a pretty stark choice right now: it can let the losers take their losses — both the big institutions who created and traded in fraudulent securities, and all the “little guys” who borrowed too much money trying to get rich quick, or trying to live like the millionaires they see on TV. We can let them go down, and suffer the consequences of their bad choices (and maybe prosecute some of the culpable bankers and corporate executives); or, in an effort to let these losers off the hook we can wreck the whole machinery of capital by making our medium-of-exchange worthless.”

“The people in charge — both in and out of government — can’t face the losses, so for now they’ve apparently decided to wreck the currency,” he concludes.

(h/t: William Grigg)