Fri 27 Jan 2012
Michael Hudson ICH
The inherently symbiotic relationship between banks and governments recently has been reversed. In medieval times, wealthy bankers lent to kings and princes as their major customers. But now it is the banks that are needy, relying on governments for funding — capped by the post-2008 bailouts to save them from going bankrupt from their bad private-sector loans and gambles. (more…)