RE: “How safe is banking industry?” (The New Times, February 8). There is sometimes a blessing in our being so peripheral to the highly integrated global financial markets. It is the reason we escaped the bullet of the 2007-08 global financial meltdown which the world economy has yet to emerge from.
The stratospherically record stock exchange valuations in major economies are a reflection of their central banks printing money like mad men and handing it to their casino operators (aka major banks) to play within the stock markets. When this unprecedentedly super-massive bubble eventually explodes – as it must – the debris of the global financial markets will drown the global economy in a tsunami of super-sized national bankruptcies.
It is not a question of if, but of when. This time, even our being relatively unintegrated into the global financial market will not shield us from going over the event horizon and falling into the super massive global financial black hole created by the world’s central banks by printing so much of their fiat money and handing it to their gambler chums to play within the casino stock markets.
Everybody hold onto your real assets and hope you don’t get sucked into that black hole!