A bunch of complete idiocy noted over at Zero Hedge:
Contrary to expectations that the BOJ (Bank of Japan) would injected “only” JPY2 trillion in its emergency operation earlier, Shirikawa came out with a stunner, putting in a whopping 7 trillion yen into Japanese money markets…
…In the meantime, after the Nikkei has plunged over 5%, and the Topix down by 7%, circuit breakers have been activated on the Tokyo Stock Exchange. Elsewhere, the US plunge protection is hard at work, sending futures surging from the overnight drop, after reality threatened to impose itself…
Japan is suffering a massive catastrophe. Lives and hard-earned wealth have both been swept away by a disaster of epic proportions. The things to do right now are, first, save as many lives as possible and then get to work cleaning up and rebuilding…one thing the hard-pressed Japanese people didn’t need was someone picking their tattered pockets to bail out bankers. But that is what the BOJ has done – presto! 7 trillion yen appear to sustain the markets. And that means the Yen the Japanese people had yesterday are worth less today. Its like breaking your leg in a fall and then getting mugged.
And as noted the rest of the world’s central banks are desperately trying to ensure that no matter how bad the event, bankers remain rich. There is simply no way to plug the hole made by Japan’s disaster: so much productive capacity has been lost and so much real wealth destroyed that the world must suffer a hit…and the world will suffer it. Trouble is, the hit won’t be equally distributed…it will be regular folks (first in Japan, then everywhere else) who will be asked to pay a price…and not a price to help our Japanese brothers and sisters rebuild, but price to ensure that the banksters come out of it unscathed.
Just disgusting – let the bankers fall where they may. Its not like we’ll run out of them. Those who are in good shape due to wise management will survive all perils – those who actually need a bail out should fail. And once the cretins are wiped out, the rest of us will have an easier time rebuilding because we’ll have that many fewer idiots running the financial system.
Blogs For Victory 