What Will 'Debt Jubilee' Look Like?
Think this level of perversity/injustice is impossible? We already have precedent. After the Wall Street banks had caused (created?) the Crash of '08 (with their reckless fraud/gambling), and after they took their $15+ trillion from the U.S. government in assorted hand-outs, 0% loans, tax-breaks, and "loss guarantees" (i.e., more hand-outs), the Wall Street banksters kept their massive bonuses.
We were told this was because of "the sanctity of contracts."
Then after this massive give-away, various U.S. governments began unilaterally hacking-and-slashing the wages, pensions and benefits of their own workers -- which had been freely/fairly negotiated in their own contracts. The reason? After giving trillions of dollars to the bankers, the workers were told the government "couldn't afford" to honor their contracts.
You've been warned.Follow Jeff Nielson @bullionbulls This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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