Crazy talk.

There is no free lunch. And since there's no free lunch, then we have to ask: who should suck the losses when 3 trillion euros vanish in a massive renunciation/writeoff? Answer: those who took the risk.

This is blindingly obvious and an example of Orwell's idea that "Sometimes the first duty of intelligent men is the restatement of the obvious."

Well, here it is in all its simplicity. Ya pays yer money and ya takes yer chances.

And savor the stark contrast of this simple adage with everything that we've witnessed in the last two years wherein it's been Washington's and the banks' job numero uno to dump the damage from bad risks on the schnucks who never took the risk in the first place and for darn sure didn't stand to gain from a winning bet.

We are talking about the taxpayers, of course. Or, even better, their kids and grandkids.

The suffering and dismay that will be the result of this will be sold by leftist scum as something brought on by the "failure of capitalism."

I guarantee it.

"Why Isn't Anyone Talking About Writing Off 3 Trillion Euros of Bad Debt?" By Charles Hugh Smith, of two minds.com, 11/15/11.