Zero Hedge fully endorses David Rosenberg's latest call: Ban The Bailout
First we have governments bailing out banks (and auto companies and mortgage providers), homeowner debtors, and now we have governments bailing out governments. When does someone finally say — enough is enough!
Look, Greece is not going to “fail”. They are going to default. There will be a debt restructuring. And there will be some recovery. Bondholders will take a haircut — why shouldn’t they? Why should Angela Merkel care if German banks own Greek bonds? Greece has been in default in its recent 200-year history almost half the time. So has most of Latin America come to think of it. What about Russia?
Enough - enough of having the entire world paying for the stupidity, mistakes, and greed of the banking elite. Enough of taxpayers footing every bill. Enough of US taxpayers being responsible for Greek, Portugues, Spanish, Italian, Latvian, Ukrainian "rescues" just so those banks who are loaded to the gills with their sovereign debt can receive another year of record profits. Enough of the US-backed IMF hiking their rescue facilities first to $500 billion, and next to trillions... quadrillions. Enough of destroying the purchasing power of the dollar and forcing people to increasingly consider a barter economy (based on gold or otherwise) as the only survivable option of the reckless monetary and fiscal policies of greedy and corrupt politicians. Enough.