Actually don't blame the Italians, the Spanish, the Greeks and the Irish (Main Forum)

by Brian Coyne , LINDEN, NSW, Tuesday, June 12, 2012, 08:56 (347 days ago) @ Brian Coyne

I fear I was being a bit harsh on the Italians, the Spanish, the Greeks and the Irish in the last line of my previous post. I return to the assessment I made long ago, the fundamental cause of the world's present financial woes is that all of us in the Western world got a little too clever for our boots and over-valued out total worth possibly by as much as two or three times. We are only worth what someone else is prepared to pay for our home or whatever assets we have to sell. Collectively we all over-valued out total worth and there are simply no Martians in the universe with the readies to pay what we think we are worth. It is true that greedy private bankers were probably the root cause of the problem by selling mortgages to the naive and gullible who could never afford to repay them. The Four Corners program though again illustrates the essential game being played at the moment is the rich are now endeavouring to shift the pain of the revaluation of our global assets to the naive, the gullible and the poor.

Brian Coyne
[Editor & Publisher]