In most countries, the system worked.
It worked ? It worked for who ?
For all of those whose economies didn't collapse?
What ? - like those whose economies weren't complicit in the fraud ? Good for them (if they were one of the western economies that were able to avoid having the pain meted out to them from those above that is). The UK (and US) on the other hand relies on "financial services" for 10% of its GDP - and for the people therein there was (and is) no escape. As indeed there wasn't for
the people of Ireland, Spain, Portugal, Greece, Italy .........
It means a loss to the UK taxpayer of £13billion ... it was the central bank creating money out of thin air and placing it on the balance sheets of the commercial banks that I was referring to.
What you're doing here is not making any sense. How could bailing out banks cost the taxpayer anything above the printing cost of the filthy fiat that's printed out of thin air?
QE isn't a one off payment/windfall to banks, its an ongoing subsidy. Also monetary debasement/devaluation/direct vs indirect costs to the average Jo.
"Gentlemen, let's adapt bitcoin instead of trying to stop it. One very intelligent bitcoiner explained to me how then we'll be able to successfully lose control of the monetary policy, crawl in some corner and die. Seems pretty attractive, so let's hurry up and stop printing our worthless scrip and embrace bitcoins!" -- Every Government Ever
Thanks for your input Mr. Osborne/Yellan/Dimon.