You could have not saw, but we are in the focus of the third major bailout of U.S. and European banks and their shareholders in as many years. Initial came the original financial-sector liberate after the 2008 collapse of Lehman Brothers, which has so far moved an predictable $3.7 trillion in banks’ losses and problem possessions to the taxpayers’ bill in the U.S. alone.
Then came the European Union’s €750 billion post security of its weaker members—fundamentally another effort to stabilize Europe’s banks, which jointly funneled some $2 trillion into the bonds, banks, and real-estate sectors of Europe’s shakiest economies: Greece, Ireland, Portugal, Spain, and Belgium.
This furtiveness post security—effectively a giant tax on savers—is worth almost $1 trillion yearly in the U.S. alone, according to an approximation by Offit Capital Advisors. Worse, critics argue that this little-mentioned bailout isn’t just fleecing savers; it’s slowing the global revival.
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