If you read 'The Crunch' by Alex Brummer you will see, with great clarity, that the credit crunch which is sweeping the world, is a tsunami of America’s making.

What happened was that vast numbers of middle class Americans obtained licenses to sell mortgages and then sold mortgages, hand over fist, to America’s poor and disadvantaged. That the people who were sold these mortgages couldn’t be expected to maintain the payments didn’t matter. A deal had been signed so American banks handed over the money and then quickly sold the mortgages on to American investment houses. These houses then sliced and diced the mortgages and paid American ratings agencies to rate them as AAA or super safe investments.

After this American salespeople, using the finest American sales techniques, sold these bonds to European banks and other investors around the world. In fact, in late 2008 the IMF estimated the amount of this toxic debt to be in the region of three trillion dollars and that means that Europeans, Asians Africans and Australians are expected to pay for three trillion dollars of American dishonesty.

I believe that these faulty goods should be returned to the Americans for a full cash refund. Let the Americans pay for their own three trillion dollars worth of dishonesty. As so many Americans were involved in this financial scam it must be fair for injured parties to go to the representatives of the American people, the American government, and demand that they pay up and make good on the dishonesty of their citizens.

What the American government can do is something like introduce an income tax of 95% on incomes over $100,0000 and pay the various countries of the world back the money its citizens have stolen and then they can fully compensate the poor and disadvantaged of America for all the hard earned money which was stolen from them. After that we can close the book on the matter and concentrate on building a fairer society for all peoples of the world.

However, I do not think we can do anything about building a better world society until after American government has been forced to make full restitution for the dishonesty of its citizens.

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