The financial crisis has been in the headlines for a little more than a year now since it kicked off with the subprime mortgage loan imbroglio in the United States, and a lot has been written with varying degrees of accuracy and precision to explain how specific aspects of this crisis have come about. However, not so much has been published, and certainly never in the mass media, about how the current financial system’s need for exponential growth is the underlying cause of the speculative bubble and hence of the very crisis itself, in addition to being directly linked to the energy and food crises. Thus I would like to take advantage of this opportunity to discuss not the credit crisis but instead the background to it, which shows how the current financial system is an enormous fraud on ordinary working people while at the same time being a danger for the sustainability of life on our planet. This will bring us to an understanding of the role played by the banks as the main culprits for the whole situation.
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