Roderick Stewart wrote:
In article , J G Miller wrote:
The end of growth as we know it, and it nearly crashed the worlds
financial systenm.
No, what crashed the world's financial systems was the selling on of
domestic mortgage debt which had been generated from banks loaning out
money to people who did not and would never have the means to repay
the loan.

In other words, selling bits of paper they knew to be worthless.

If you or I did this, it would be called fraud, but somehow the big
financial institutions can dress it up in fancy language and get away
with it.

The governments has always sold worthless bits of paper ever since paper
currency became the norm, and the government has always been able to act
like a legalised Mafia, which is, after all, what a governemnet actually
is. The top Mafia that self legalises itself, as the price you pay for
making all the others illegal. and 'Protecting' you from the ones
outside its jurisdiction..

Rod.