more and more i am seeing the debt crisis in europe as a relatively straightforward wealth transfer. investors bet on the greek economy (i.e. bought greek bonds) and lost. rather than take their losses, the political system is coming to their aid and are forcing other people to pay for the investor's mistake. no default will happen, investors will get the full returns for the bonds they bought, and diabetic three year olds will go without insulin.
it's the new ethic: big investors never bear the consequences of their own actions. innocent third parties do.
it's the new ethic: big investors never bear the consequences of their own actions. innocent third parties do.
