Not only did the biggest banks have the unrestrained power to destroy the global economy in a way that politicians could not, they then forced the entire political system across the West to stop all work in progress and hand over $£€trillions after threatening society with financial ruination.
The cost of this immense crisis is actually incalculable. Not least, unemployment for millions, lost wages, depletion of savings and retirement funds, mass asset repossessions but also in hard cash to the taxpayer. In the US this crisis is estimated to have cost somewhere between $12 and $22 trillion. The disparity between these two figures says it all. Bank bailouts in the EU alone have cost around €2trillion and still rising, along with well-documented inherent risks.
In an extraordinary discussion at the Hudson Institute in Washington D.C. called the ‘Kleptocracy Initiative’, experts, authors and academics debated how the financial services industry is wreaking havoc on the global economy and how they pose a serious threat to international peace and security.