Billy wrote:
In article ,
Nad R wrote:


I know that most will disagree with me. I do agree that the banks went
wild. So are you saying that the US is responsible for Europe's financial
collapse because Glass-Steagall also controls the worlds banks. Does not
Europe have their own banking laws? I can see removing Glass-Steagall can
wreck the U.S. Banks, but Europe's banks as well? So Europe's banks are
controlled by our laws? I find this hard to believe.

Some of them bought the same high performing, toxic derivatives that our
banks did. But whether you're talking Ireland, or Spain, or Greece, the
story is the same. They got the money, and we got the bill.

My point, the past and present banking laws failed for every nation!

Not, just toxic derivatives. Europe also formed it own free trade
agreements within Europe called E.U. and even created their own
multinational currency. The greater the markets the more efficient
companies become and need fewer workers. That means less Europeans making
money, Europeans defaulting on their loans, European's properties
devaluating, European banks go under. This is the THEY, the corporate rich,
those that profit from having larger international markets.

When property values decline, those property values become toxic. When
property values decline will also effect the stock markets. The stock
markets are no longer a place for investments, the stock market is a
casino. Stocks and bonds are part of those toxic derivatives ( which is
gambling in it's self ). The stock market is an indicator for the rich.
Trade deficit is an indicator for the poor.

However, not just banking laws. It was President Carter that allowed the US
government to purchase stocks. Before Carter it was illegal for the
government to own stocks. Many other governments of the world followed suit
and purchased stocks and bonds as well, which drove the stock markets even
higher. If the governments did not buy stocks, the world would not be in a
mess also. I believe this did far more damage than removing Glass-Steagal.
I often wonder how much money the governments are putting in, just to keep
the markets from collapsing, just to help the rich stay rich.

The only answer to solve these problems is the formation of a NEW WORLD
GOVERNMENT with a new world currency. However, a new world currency will
fail without a world government to force international laws. But to do
this, the people of Earth have to give up this notion called nationalism
and patriotism.

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Enjoy Life... Nad R (Garden in zone 5a Michigan)