[to go to hell in a handbasket = den Bach runtergehen] What we have now is not real capitalism. I give it the name „ersatz capitalism“ because what we’re doing is socializing losses and privatizing gains. That’s worse than real capitalism, of course, because it means that there are distorted incentives. So the banks can write these credit default swaps and crazy derivatives knowing that if things go bad, the taxpayer is going to pick up the tab. So the first point I want to make is that today’s system is not real capitalism. It’s gambling at the expense of the taxpayers.
Interview on alternet
„Ersatz capitalism“? Funny name, isn’t it? Sounds freaking krautish 😉
Countries in the fire zone are headed for hell in a handbasket. PIMCO predicts these countries, which include the U.S., will increase public debt to greater than 90% over the next few years, which will in turn stall growth.