SIR – Since the bankers caused the financial crash of 2007/8, some may have noticed that within 12 months, Wall St and the City of London were back to mega-profitability and able to pay huge multi-million bonuses to their staff.
Since then, even in the depths of recession, the financial sectors have continued to present record breaking profits! How is this possible?
In the normal course of events of course – it is not possible, but then, the rigid rules of economics do not apply to a “Ponzi” or “pyramid” scheme.
The global economy is in fact a huge Ponzi scheme which is being financed by, what we are told is, “austerity”, but in reality, is mass-wealth confiscation from the 99% in the shape of 0% interest rates, money printing, and swingeing cuts to public services.
All this “wealth transfer” then fills out the broad base of the Ponzi pyramid, allowing the 1% to take their huge profits and dividends from the top. So when we hear the terms “austerity” or “all in this together” we now know what is being referred to.
Christopher Hindle, Osterley Grove, Bradford
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article