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TheStreet Open House

Greek Default and a World Without Big Banks

The obvious answer to that question is why would anyone in their right mind want to "save" some of the world's worst Vampires? The Big Banks contribute nothing. And yet not only do these career criminals perpetually rig and destabilize our markets, but they have been demanding that "the little people" cover $trillions in losses on the banksters' own bad bets.

What kind of idiocy could possibly motivate the politicians of near bankrupt nations to fork over $trillions to cover the gambling losses of these compulsive gamblers/career criminals? In one single movement, the governments of Europe could repudiate $trillions in (fraudulent) bond debts and permanently rid themselves of their own vampire-banks.

For those quibbling about the "justice" of allowing Wall Street's (even more rapacious) Vampires to live on, while those in Europe are exterminated, relax. Wall Street has already dug its own grave. Follow the "legal action" in the business news these days and one will see $billions in new litigation being launched against Wall Street on a weekly basis -- and this is still just the tip of the iceberg.

In an example of true, Karmic justice, the Wall Street bankers are about to be "introduced" to the American lawyer (and the U.S.'s "Wild West" litigation law). Picture a boat-load of vampires being dumped into a river overflowing with piranha, and you begin to get a glimpse of the future Wall Street has created for itself.

Even more than with other addictions (and for obvious reasons), gambling addicts inevitably self-destruct financially. It is a foregone conclusion. What remains in doubt is whether the peoples of the (so-called) Western democracies are going to allow their corrupt and servile politicians to let the banksters drag everyone else down with them.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.
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