By John R. Talbott
If we don't come to understand the underlying reasons for the current crisis and enact real reform of Wall Street and the banks and get big corporate money out of our elections we face a future that is truly frightening.
I don't think people realize how widespread the government sovereign debt crisis is going to be. We have all heard about Greece, Iceland, Ireland, Portugal and Spain, but it is the biggest, richest and most advanced countries of the world that will be tested the most. It is the advanced countries' banks that have lent these troubled sovereign credits money and it will be their governments who will go into further debt to bail out both the countries that get into trouble as well as the banks in the advanced countries that lent to them.
It is unfair to ask American workers to stay on the job past 70 years of age to solve this financial problem as they didn't cause it. Similarly, it makes no sense to ask average American taxpayers to step up and bail out bank creditors at 100 cents on the dollar as it was these creditors who agreed to take this repayment risk and received the rewards over time in increased interest payments from financing these corrupt banks. Americans cannot just ignore this problem and hope it goes away.
http://www.huffingtonpost.com/john-r-talbott/the-next-crisis-will-be-t_b_842796.html
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