Having observed TBTF via tarp, 11 lending facilities, swap lines, QE 1, 2, lite, twist, ltro 1, 2, and countless ‘programs’ by the BOJ, BOE, rule changes to favor banks, etc etc etc ad f’n nauseum, I still am stunned by the new bank bailouts. Stunned and indignant to be precise.
The defacto merging of banks and the state power equates to institutionalized debt slavery. It also smacks of a permanently unjust playing field. Are we heading for a caste system next?
Ultimately, what the political apparatchiks, or marionettes if you prefer, are saying, is that if the system fails, you’ll put our heads on a pike. Therefore, the bailouts are here to stay.”