FT.com / Europe - Europe agrees rescue package .
Global financial authorities launched an audacious package of measures in the early hours of Monday morning — including €720bn of government-backed loan guarantees and a commitment to buy European sovereign bonds — to combat rising financial market tensions triggered by worldwide fears over public finances.
Help for Greece was nigh on impossible to find.
But now he poor bankers are in trouble the cash flows.
It was ever thus.
And that's why reform is needed.
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Richard,
We the people ARE the markets.
I bet there are hundreds of millions of holders of 401-k accounts who will check their statements tomorrow morning and feel that they are being bailed out.
@Ted G
No
A selected few are the market
Have you never noticed how heavily skewed is wealth distribution?
And how much is is dependent upon state subsidy as this latest subsidy proves
Well over 50% of US households own shares.
Over 75% of US households have an individual or collective retirement account.
So a majority of the American people will benefit from this.
@Ted G
As usual, an absurd answer
So they have a small 401K
But you know the vast majority of holdings are held by a tiny few in number
Just stop dissembling and speak plainly
Like I do
People can purchase ownership in most of the large companies with direct investment accounts starting at only $250 or even less if they are willing to put $50 a month into the accounts. It is a great way to start saving.
What is your definition of a small account?
Some may benefit more than others, but the point is that EVERYONE benefits. There are no losers in absolute terms.
That is good enough for the 75% of the population, who will see their 401k go up tonight.
@Ted G
Trickle down is rolled out again
Don’t you know we don’t believe you?
All you’re doing is capturing tax revenues for your benefit
The flow is upward
That’s why the wealth gap is so destructively increasing
Richard,
My comment has nothing to do with trickle down economics. Since over 75% of us have direct exposure to financial markets, we will benefit directly from their recovery.
And I am confused about your post; what tax revenues are you referring to? The EU plan is all about spending and deficit monetization, there is barely any mention of what tax will be raised to finance all this.
@Ted G
Sorry
Your comment had everything to do with trickle down
Give the poorest a little so they’ll forgive the richest getting a loot
And I’m delighted you’ve found the alchemist’s secret – cost free money!
Now why not share it more widely?
Wages are the only earned income. Money making money is not earning, it’s exploitation of those who produce wealth.