Why would this bullishness extend to practically the entire globe?
How the Fed and other central banks channel wealth and income to rich households and companies at the expense of wage earners and the young.
European bankers have begun sweating, not because of the harsh heat, but fear – of what could happen as battalions of bank auditors take up temporary residence at the headquarters of the biggest banks.
It’s so bad a trusty Communist Party newspaper exhorts the people to buy homes in a ghost city because there’s “no downside for home prices.”
According to the official story, the people of Europe will benefit enormously from the banking union; it imposes greater control and tighter regulation of the banks and saves taxpayers from having to bail them out. Or so it would seem.
Negotiations behind closed doors are under way to water down all forms of financial regulation on both sides of the Atlantic via the Transatlantic Trade and Investment Treaty. Leading the charge: not the US government, but an unholy alliance between the European Commission, Wall Street, and the City of London.
He has “no name, no face, no party,” “never runs for office,” “and yet he governs,” François Hollande said about “his true opponent” in 2012. The speech went viral. But that courage didn’t last long.
Under the nimbus of its illustrious performance, the European Banking Authority has reduced the world of money to two abbreviations: VC (virtual currency) and FC (fiat currency). And it has taken sides.
Now that the Fed is pulling back from its money-printing binge, the IMF, the global bondholder bailout outfit, is starting to panic.
Politicians and Eurocrats have already taken credit for the recovery, and a whirlwind of backslapping has ensued – prematurely, it turns out.