Saturday, May 19, 2012

When You Own The Bank: The Story Of Ireland & Germany

It is always interesting for me to both see and hear the thoughts and discussions of those viewing the financial markets outside the United States. In the US we tend to think of ourselves as better than others, something I've tried to prove over the years is a ridiculous notion because the US economy is nothing more than a thin layer of beautiful ice ready to collapse.

The following video comes from inside the country of Ireland and looks outward at the surrounding Eurozone. The goal of the video is to persuade those living in Ireland that one of the oldest rules in business is still true today: When you owe the bank a hundred thousand dollars (or euros) the bank owns you. When you owe the bank a hundred million dollars you own the bank.

At no time has this been more prevalent in history than during the current currency wars that are taking place every day around us in the global economy. A country such as Germany will purposefully let a grenade blow up in their face in order to reduce the value of the currency and create a competitive "trade advantage." History will look back on this process as a time of complete lunacy, just as those that have studied Austrian economics can understand as they watch it unfold live today.

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