By Boris Kagarlitsky
“Before admiring the amount of money that some countries are ready to allot, there is a need to bear in mind that all over the world the “problem assets”, which will be written off in the near future, cost much more than $1 trillion, according to experts. This way, the money of taxpayers from the whole world will be spent on making up overdue debts, obligations, which cannot be fulfilled, and devalued pledges rather than on rise in production and consumption stimulation. Of course, people are guilty that they buy fewer goods, have the insolence to lose jobs and withdraw their money from unreliable bank accounts. But businessmen get away with all mistakes including squandered money, irresponsible investment transactions and fraud. We will pay for their mistakes directly or indirectly, either paying taxes or when inflation accompanying mass pouring of the state money on the economy will devalue our savings.”
Read it full at www.tni.org
