- Published on Wednesday, 03 August 2016 07:26
Why was Greece not allowed to abandon the Euro and create its own currency? For the same reason that the charade of "stability tests" is played to convince us that banks are sound and there will be no more bailouts. But the "wheels are coming of the wagon". Italian banks are failing and Deutsche Bank is bankrupt.
If Greece had defaulted on its debt, French and other banks which held its bonds would have collapsed. Banks are dependent on each other in this ba(n/r)king mad integrated world - one goes and they all go.
“We’re Not Dangerous”: Deutsche Bank’s Chief Risk Officer by Wolf Richter
So Deutsche Bank, unlike Monte dei Paschi, isn’t collapsing at the moment. But investors are not entirely convinced. Its shares closed at €12.00 on Friday and are barely up from their multi-decade low of €11.38 on July 7. But there’s no reason to worry about a taxpayer bailout.
We all live in fear of the inevitable collapse but why? Nothing of any real value will be destroyed. Money is a fiction created out of nothing. We can step aside and do things differently. Let 'em go, like Iceland.
Iceland Plans To Create Its Own Money by Carol Adl
Can’t see commercial banks in the western world be too happy with this. They must be contemplating wiping the island nation off the map. If accepted in the Iceland parliament, the plan would change the game in a very radical way.
It worked for Guernsey which was destitute after the Napoleonic Wars.
Guernsey's monetary experiment by Louis Even