Reader Jeddy spots what he thinks is a conflict in my typical “privatization” message and inquires

Hello Mish

I’m confused about your stance in Portuguese 10-Year Government Bond Yield Soars to 13.05%; Italy, Portugal, Ireland, all Fresh New Highs; Focus On the “Unsaved”

Usually you think privatization is the answer to everything. Why have you changed your mind?

Please elaborate on the idea of self-rule, and how that interacts with the concept of rule by an elite group of rich people inside your country (internal looting of public sector assets and ‘jobs’) as opposed to outside your country (imposed privatization).


Hello Jeddy, thanks for asking.

There is no conflict. I am indeed in favor of privatizing government services. I am not in favor of doing so under duress for the explicit purpose of raping taxpayers for the benefit of banks.

I have many times been accused of being a shill for banks. The idea is preposterous. No one has railed against bank bailouts more than I have.

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This list is incomplete. I have stopped updating it, it got so long.

I am not in favor of bailouts. Nor I am in favor of privatizing government services under duress for the explicit purpose of raping taxpayers to benefit of banks.

Greece desperately needs reform. Its pension structure and union protectionism must change. The same is true in the United States. Unions attack me for that position.

However, I am not willing to rape Greek citizens for the benefit of French banks to achieve that end. Sadly, that is exactly what is happening.

Unions should take a hit and so should banks. Anyone taking that stance is attacked from both sides, and I have a ton of emails to prove it.

Mike “Mish” Shedlock
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