Help in European Financial Crisis Could Spawn ‘Zombie Banks’ – NYTimes.com: “FRANKFURT — Few would begrudge Mario Draghi his boast last week that he and the European Central Bank had prevented a disastrous credit crisis by showering banks with cheap loans in December.
But beneath the gratitude toward Mr. Draghi, the president of the central bank, lurks a fear that the easy money could simply be creating the conditions for another banking crisis several years from now.”
‘via Blog this’
Pending a new economic system, we seem suspended over a lake whose sign is unrest and ruin. Is there not a simple enough formula? An economy in which the values of equity (tolerance, democracy, helpfulness, non-idolatry) are fundamental so that all are guaranteed the protection of a safety net. This can only be achieved by a shift away from the massive war spending that consigns a huge share of resources to massive waste or assured destruction.
