Speaking the truth is certainly not something bankers are respected for, on the contrary. But from time to time a former banker happens to make up his/her mind, and reveal the truth.
One such case is Mervyn King, former head of Bank of England, who did a remarkable confession last week. Mervyn King warned that the finanical system still has structural problems, and that its problems were not solved after the financial crisis. In his own words: (courtesy of the Telegraph):
Tthe former head of the Bank of England Europe’s economic depression “is the result of “deliberate” policy choices made by EU elites. Mervyn King continued his scathing assault on Europe’s economic and monetary union, having predicted the beleaguered currency zone will need to be dismantled to free its weakest members from unremitting austerity and record levels of unemployment.
King also said he could never have envisaged an economic collapse of the depths of the 1930s returning to Europe’s shores in the modern age. But, he added, the fate of Greece since 2009 – which has suffered a contraction eclipsing the US depression in the inter-war years – was an “appalling” example of economic policy failure, he told an audience at the London School of Economics.
But the biggest question about Europe’s depression has always been whether it was the result of sheer stupidity and poor economic decisions or deliberate. King’s answer was stunning: “it is appalling and it has happened almost as a deliberate act of policy which makes it even worse”.
Zerohedge took this confession one step further, point to the fact that the 2008 AIG report predicted long ago, and certainly years before the European crisis was unleashed, namely that Europe would specifically create a financial crisis (as well as an environmental crisis, as well as terrorism) in order to fortify “Empire Europe.”