The 1940’s German Nazi SS war criminal Adolf Otto Eichmann is considered a psychotic butcher by history. But it is sometimes put by criminologists who look back on his day of reckoning in 1962 and fear an even more frightening scenario that he was just thoughtless.
The Holocaust body count in the millions is long over but what of the 2008 meltdown? Can we look forward to a return to prosperity soon or is there more to come? And in the day of reckoning who was to blame and was it an oversight or a criminal act?
An Al Jazeera series called Meltdown, looks at those responsible and the global conspiracies were behind the world financial collapses of 2008.
In the first of the four part series it is clear that by time the fire alarms and tornado sirens began their deafening call, it was all too late.
In March 2008 the US Government bankrolled a Bears Stearns takeover by J P Morgan to avert time bombs of imminent default,. These in turn were caused by failures of toxic real estate market financial products and highly questionable banker practices. The US knew such a failure would trigger an unprecedented financial crisis. But this wake up call went unheeded. Instead greed driven bankers took it as a message that US Banks would not be allowed to fail.
Rampant greed with deal value stacking, sub prime mortgage scams continued until the Lehman Bros fall. When the British Government refused to underwrite a US Bail out plan. Lehman bankruptcy at 2am on September 15, 2008 triggered the world to plunge into an economic crisis with predictions in 2011 of worse to come. A depression surpassing 1929 levels that did not see prosperity until the late 1940’S become no longer unthinkable, It was then we see the ultimate flight to safety with gold prices soaring .
It has been said many times that the capitalist economic systems that leverage future value are corruptible and untimely is unsustainable. Before 2008 that was laughable wasn’t it?
That so called “All American” revered value we now describe as Avarice was founded on a cultural prowess that now sees the western world,with a generations of debt to pay back passing economic power irreversible from west to east.
The meltdown has hurt us all. But how did all go wrong and who was responsible to let it happen?
There are versions being circulated. This Al Jazeera one on YouTube seems to work well .
( This is the first of a four part series and I suggest may be well worth the time to watch it )