"We Live in a Judeo Fascist Tyranny" - article about Euro-Debt
 

http://www.zerohedge.com/news/guest-...euros-bad-debt

Submitted by Charles Hugh Smith from Of Two Minds

Why Isn't Anyone Talking About Writing Off 3 Trillion Euros of Bad Debt?

The only solution to bad debt is to write it off--renounce it all. Why aren't those who took the risks for their own private gain being forced to absorb the losses?

We all know some 3 trillion euros of debt in Europe is uncollectible. So why isn't anyone talking about the one and only solution, which is writing off all that debt? Since nobody knows how much bad debt there actually is in the Eurozone--care to guess on the market value of all those underwater mortgages in Spain or the true size of Italy's debts?--that 3 trillion is just a guess, but it's probably a reasonable starting point.

Let's start with the most basic fact about all this uncollectible, impaired, bad debt: every euro of debt is somebody else's asset. Wipe out the debt and you wipe out the asset. That's why there's no willingness to accept the writedown of debt: somebody somewhere has to suck up 3 trillion euros of loss.

Can we please dispense with the fantasy "solutions"?


etc.

"If those who made the bets for their own private gain aren't forced to absorb the risk, then we don't live in either capitalism or democracy; we live in a financial-fascist tyranny."


OK, well, it's a start. I would put it slightly differently -

"If those who made the bets for their own private gain aren't forced to absorb the risk, then we don't live in either capitalism or democracy; we live in a Judeo-fascist tyranny."