Some of you may be interested in my new blog.
In the years before 2008, some bankers made tremendous profits. Where did all that money come from?
One could say that it came from the future. The schemes used to make those profits where all, in a way, variations of credits. In a credit, you get a lot of money at one time and have to pay it back later. Of course, the money you get is no profit, but it appears as profit if you can manage to let somebody else pay it back. That is what is called investment banking. It is, in a certain sense, a kind of “time machine” by which money is sucked from the accounts of future people.
The problem was that in 2008, that future turned into the present, as is always the natural tendency of the future. The system crashed and a gap opened up. There is a myth that the collapse…
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