As a brief side note, you may well ask: when the bubble finally burst, why did we not let the bankers crash and burn? Why weren’t they held accountable for their absurd debts? For two reasons. First, because the payments system, <…>, is monopolised by the very same bankers who were making the bets.
<…>Second, because the financiers’ gambles contained, deep inside, the title deeds to the houses of the majority. A full-scale financial market collapse would, therefore, lead to mass homelessness and a complete breakdown in the social contract.
<…>So they created more debt from scratch to use as raw material for more bets.
<…>In contrast to bankers of old, the Jills and the Jacks who now lent them the money did not care if the repayments were made, because they never intended to collect. Instead, having granted the mortgage, they put it into their computerised grinder, chopped it up digitally into tiny pieces of debt, and repackaged them into one of their labyrinthine derivatives – which they would then sell at a profit.
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