by Tim Price
It’s ironic that some of the most honest words to come out of a politician’s mouth were, “When it becomes serious you have to lie.”
That was a quote from Jean-Claude Juncker, former Prime Minister of Luxembourg and President of the European Commission (the EU’s executive branch) in 2011 when asked about Greece’s financial crisis.
Greece was on the ropes and the entire system about to collapse, so, of course they lied. Then they lied about lying.
This raises a very reliable rule of thumb to keep in mind during (and before) a banking crisis: don’t trust anyone in the establishment, especially a politician.