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...Short Termism of course is not exclusive to our elected leaders. Companies and individuals tend to only see what is in front of them and not the consequences of their actions beyond the initial ripple. People do it all the time in relationships, work etc as most fail to grasp the bigger picture.
When the world faced a liquidity crisis in 2008 and the banks were on the brink of failure, there was only one solution that would have saved us from the nightmare that is about to ensue from the collapse of nation states around the world due to the implosion of untenable debt. That solution, as I said at the time, was to let the banks and other institutions fail. Protect the depositors, but otherwise let them go to the wall.
Of course those consequences would have been severe, but at least we could have rebuilt knowing the bottom was in and it would have been tough for a couple of years possibly but markets would have recovered and been all the better for it as the recovery then would have been sustainable.
Instead what our idiot politicians and bankers do is that they flood the world with printed money. Creating more debt to 'solve' a problem that was created by debt....Non sensical and illogical and now the repercussions (see "The Butterfly Effect..." and "Black Friday") are about to be felt and there is no solution that can head off the impending implosion of our World. It's just a matter of time...