Do We Need Fraud To Survive?

Another great CounterPunch piece by Mike Hudson. There seems to be some confusion about what caused and is causing the 'crisis'. Many in government and the press seem just not to get it. Well, here it is. And think about it! How is there going to be a 'recovery' whilst this is not getting sorted out. Think about it and use the information to effect policy. (someone tell the SNP please.)

Does Our Economy Really Have to Run on Fraud?

By MICHAEL HUDSON


What is the difference between today’s economy and Lehman Brothers just before it collapsed in September 2008? Should Lehman, the economy, Wall Street – or none of the above – be bailed out of bad mortgage debt? How did the Fed and Treasury decide which Wall Street firms to save – and how do they decide whether or not to save U.S. companies, personal mortgage debtors, states and cities from bankruptcy and insolvency today? Why did it start by saving the richest financial institutions, leaving the “real” economy locked in debt deflation?

For more read here.