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When you’re an adult, never trust politicians and bankers who say they know what they’re doing, because they’re only looking out for themselves.
„By the end of 2011 people thought there was still a chance to avoid disaster. Germany was the one country with enough money and discipline to bail out all the other borrowers. And Germany had the clout to get the European Central Bank to print enough money to keep things going until all these debts could somehow be restructured.
But frugal Germans didn’t want to bail out reckless Greeks or Italians.
So: We’ve reached the precipice because political and banking elites found it useful to run up colossal debts and pretend it was all manageable. And once it became clear it wasn’t, it was too late and too complicated to get all these people and countries and cultures to agree on a less bad way to untangle the mess.
There’s more, but that’s basically why we may have a depression, sweetheart. And that’s why we put our money under the mattress when it looked like this might happen.
The moral of the story? When you’re an adult, never trust politicians and bankers who say they know what they’re doing, because they’re only looking out for themselves.”