I will never understand why the private gambling debts of the banks had to be socialised. When there were profits they were private but when stupidity by the private banks began returning losses, these losses became all of our responsibility. Regardless of the soft-soaping by politicians, this was immoral and wrong and for the religious among you, it was also sinful.
But short of a violent revolution, (????), it has taken root and the financial problem, not of your making or mine, now has to be repaid by us we are told. Now here is the second thing I don't understand. Every economist and political commentator agrees that the debt is just to large to be repaid. There is common agreement that whoever we owe it all to, is never going to get their money. The reason for this is that the economy is knackered. With a knackered economy we are not generating the surpluses to pay anyone we are indebted to.
That leads me to the third thing I don't understand. To get a knackered economy going again we need investment. Investment stimulates growth with resultant jobs and profits and this gets the economy going again. But instead of investment we opted for austerity and job losses so the economy shrank. We in fact, reduced our ability to pay anything.
So then they really baffled me. We borrowed so much money to give to the banks that our debt interest alone each year is eight billion euros and we're struggling to even meet that without ever addressing the capital sums. You see, what really perplexes me is the idea of borrowing your way out of impossible debts. I just don't get it. None of us right now knows whether Baldy Noonan is borrowing billions to meet the billions in interest we are supposed to be paying back on previous money.
But then I read an interesting fact about the euro, (and all currencies). The value of a euro is one euro only because all of us BELIEVE it is. If we ceased to believe it the euro would be worthless. By extension then, if we ceased to believe we really owed a 'squillion' euros to some foreign Johnies then this un-payable debt would simply disappear.
That is what I am beginning to understand because in amongst the deceit and lies of the last seven years one thing has become very clear. Money, as in currency, is worthless and its only value is to scare and enslave us to those with true wealth. That is what all the bullshit is about!