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Ripoff 01

Bailouts and Rip-offs
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Financial crisis
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Bailouts and Rip- Offs

Markets are mechanisms for bringing together sellers and buyers. Giving buyers/consumers the right to choose the product or service with the best price/quality is what drives the sellers/producers to improve their performance. Even economists know that there are a number of factors at work in society that tend to soften the pressure of competition. In the present context we can leave those considerations aside because, while there is no ideal competition, there is enough real competition to bankrupt plenty of businesses.

It is painful when an uncompetitive company goes bust, much like a slow antelope being eaten by a faster leopard. But in our economy, the slow and weak are devoured by their betters.

All sorts of companies have been eliminated from the EU's single, internal market. The TFEU and binding secondary legislation place limits on state aid to (f)ailing enterprises precisely to keep competition real, albeit at the price of rising unemployment.

Well, there is one exception; banks. Why are they more important than companies that make automobiles, beer, chemicals, drugs, electrical goods, food, etc.? A brief answer was given by the great banking expert John Dillinger; "Because that's where the money is."

The most elementary function of banks is to borrow and lend money. A banker acts as a kind of broker, bringing lenders and borrowers together. By pooling the risks of many loans together a banker who is good at his job evens the odds in favour of his customers. The interest that he charges the borrowers is high enough to cover the occasional default, plus interest to the account holders and profit to the bank.

By the normal rules of the holy market, banks that cannot pay their creditors should go out of business before they do more damage to society. The insolvency proves that the bank as such is dangerously incompetent.

Two groups deserve help when a bank fails; staff and small savers, but billionaires and their mega corporations must accept responsibility for their investments.

It is remarkable how the TFEU was stretched and twisted to bail out banks. Before the EU Institutions all companies are equal, but banks are more equal than others.

The word "bail-out" has deceptively pleasant connotations in English; keeping a boat afloat by bailing out water, or getting someone out of pre-trial detention by posting his bail. What does bail-out mean in the financial crisis?

It means that governments borrow billions that are given to the wealthiest 2% to cover their gambling debts. Who is supposed to pay off these billions (plus compound interest accumulated over decades)?

We, the 98%!



Created by: admin last modification: Sunday 19 of August, 2012 [11:41:58 UTC] by admin

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