Casino Capitalist Wall Street Bankers Bet $2 Trillion in Insurance of EU Banks

By most people’s standards, Europe, with the possible exception of Germany, is in bad shape. Yet this article points out that Wall Street banks have bought $2 trillion worth of derivatives to insure European banks in case they go under. Aren’t you glad that Wall Street is betting your money on Europe? And if European banks go under, will the Wall Street banks take the hit? You better believe they will try to make taxpayers pay for the their losses.

Read in GlobalResearch

Image by Bloomberg

About Bruce Lerro

Bruce Lerro has taught for 25 years as an adjunct college professor of psychology at Golden Gate University, Dominican University and Diablo Valley College. He has applied a Vygotskian socio-historical perspective to his five books: "From Earth-Spirits to Sky-Gods: the Socio-ecological Origins of Monotheism, Individualism and Hyper-Abstract Reasoning", "Power in Eden: The Emergence of Gender Hierarchies in the Ancient World" (co-authored with Christopher Chase-Dunn), "Social Change: Globalization from the Stone Age to the Present", "Lucifer's Labyrinth: Individualism, Hyper-Abstract Thinking and the Process of Becoming Civilized", and "The Magickal Enchantment of Materialism: Why Marxists Need Neopaganism". He is also a representational artist specializing in pen-and-ink drawings. Bruce is a libertarian communist and lives in Olympia, WA.

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