The question has to be asked: “Why shouldn't we default and let the banks fry?”
What possible benefit it there to the people of a nation whose previous leaders “sold out” the entire country on the basis of lies from the banks, notably Goldman Sachs?
Why not default and focus on full employment and resilience at home? Why rescue German banks?
If a new financial system is emerging, anchored by the BRICS [Brazil, Russia, India, China, South Africa], why not focus on being attractive that that new ethical financial system instead of giving up what is left in the way of seed corn to the old predatory unethical system?
Banks Sit in a Tangled Web
Many European Lenders Have Sold Sovereign-Default Protection to One Another
Of the total protection that European banks have written on government bonds in Europe's five most-stressed countries, nearly one-third originated from German banks.
Complex Societies Collapse When Commodity Prices Go UP and Financial Speculation Returns Go DOWN
Gold Paper About to Crash–Plus Gold Fraud RECAP
GRIFTOPIA Part II: The Next Mega-Meltdown
Iceland Gets It Right: Say NO to Bank Bail-Outs
John Robb: 147 Banks & Corporations as Global Financial Cancer, Gray Markets Fairs, Urban Foraging
John Robb: Concentration of Wealth = Central Planning = Fall of US Empire from Misappropriation
John Robb: Hollow States & Crisis of Capitalism
Journal: Banks Own Obama, His Mind, His Time
Journal: Financial Crime versus Financial Sense
Journal: Five Myths Debunked–Treasury Run by Crooks
Journal: Goldman Sachs Captures the White House
Journal: In Money-Changers We Trust
Journal: The Death of Responsible Government
Journal: US Gap Between Rich & Poor Widens by Factor of 10
Journal: Wall Street Financial Crime Spree Spins On….
Lynn Wheeler: Why Financial Systems Demand False Complexity and Ignorance…Corruption is Merely a Bonus
Mini-Me: 57 Finance Ministers Creating New Financial System–Over 50,000 Bankers to Be Held Accountable
Owl: Financial Terrorism in USA Against USA by Wall Street and 400 Specifically Named Most Wealthy
Reference (2): Income Inequality in the USA
Reference: The Fraud-Based US Economy
Reference: Wall Street Does NOT Produce Value
Review: Gods of Money – Wall Street and the Death of the American Century
Review: Griftopia–Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America
Review: The Battle for the Soul of Capitalism
Review: The Global Class War –How America’s Bipartisan Elite Lost Our Future – and What It Will Take to Win it Back (Hardcover)
Review: The Soul of Capitalism–Opening Paths to a Moral Economy
Review: What Comes After Money?
Steve Denning: Itemization of How We Blew Up the World
Turkey to USA: This is where you get off….+ RECAP
Why Isn’t Wall Street in Jail? + US Fraud RECAP
Worth a Look: Wall Street and the Rise of Hitler