Taxpayers are in debt because of their stupid Governments! Brown admits to "socialising the liabilities."

The problem I have with what's going on is that to ultimately save the Eurozone, it's taxpayers that will foot the bill. This has been the whole injustice all along. If anyone thinks that's dramatic, then look at what Gordon Brown just said at the World Economic forum. He stated that in his view this is still a banking crisis at its root, but if it has become a debt crisis it's because "we socialised the liabilities" - Let me find the full quote.........

""The European banks as a whole are grossly under-capitalised: they have liabilities far in excess of American banks. We have now got the inter-play with sovereign debt because we socialised the liabilities"

http://www.telegraph.co.uk/finance/financialcrisis/8768575/Gordon-Brown-fears-euro-crisis-worse-than-Lehman-as-1930s-beckon.html

To imply that there was no debt crisis before the banking crisis is misleading, and wholly incorrect. Brown also completely proves to us how taxpayers are paying the bill (socialising the liabilities) but now claims that is the reason for debt! What? I think the truth is closer to the idea that when you pile more sovereign debt onto countries that were already living in a debt bubble (most of the Eurozone since they believed that the € was their saviour and the end of all economic bust cycles, were offered cheap credit, and once you throw a socialist government into the mix you usually get indebted) then of course governments end up in the same mess as banks, who were only responding to lighter regulation by taking more risks.