Tuesday 25 October 2011

Banks are the government if they have deposit insurance

To criticise the banks for being the government (a positive truth) is less effective than to criticise the government for being banks. If a company is private we assume it can fail... and therefore that it is wanted. Then, it is not a contradiction that they do something wrong unless they have performed a crime. Can we phone the police if banks have inflated the currency? They are within the law. If the government has done something wrong it is understood that there is no law-enforcement agency to deal with it... the questions must be answered as they stand. If something that is legal is wrong then we have a legitimate complaint. To say that banks are government is not a crime as there are other public bodies. (The claim that) governments print money is not so easily dismissed... as with illegal invasions of foreign countries. Legality is not a defence for the government.

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