The more I read about the Euro zone crisis, the more similar it seems to our American economic problem: We are allowing large banks to dictate policy to our elected governments.
In Europe, the banks set the interest rates for countries at an unaffordable level, then demand austerity measures as blackmail to lower the rates.
In America, we allow the banks to make money on bad loans, then blackmail the economy with the threat of collapse unless we bail them out with (virtually) free taxpayer-backed loans. I believe the solution is to bring the banks into the service of the country, instead of placing the country in the service of the banks.
Sean Coyle
Vancouver
