Saturday, May 26, 2012

It is not just the Greeks who Don't Pay Taxes

It is a bit rich for Christine Lagarde to blame the Greeks for not paying taxes.

You simply look at all the wealthy coprorates and individuals across the world hiding profits in lower tax regime countries. It is not simply the Greeks doing it, it is the failing of the current Capitalist system.

Large corporates and individuals have only became extremely wealthy on the back of consumers purchasing loads of goods they probably will never really need.

This whole claim that Greece can't possibly leave the Euro is only designed to protect those holding worthless Capital ie Bonds and guess who the last person standing is, you guessed it IMF.

The Capitalism rule book does not say "Protect Bond Holders at Whatever Cost to Society."

This time we have to face up to reality and accept Banks have to become insolvent but protecting savings deposits only. A Banks balance sheet is only at best 10% ordinary savings deposits and it would therefore be far more economic to let the Banks Go Bust, setting up Good Banks without the legacy of Toxic Assets. Those Toxic Assets are now mainly worthless government bonds.

In 2008 the Banks were bailed out. How about this time citizens are bailed out and those with worthless bits of paper loose this time.

I put this to Christine Lagarde - help citizens this time even if it means Banks and the IMF become insolvent

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