He offered nothing further but the implication was that big players believed that the one stable and solvent European nation, the nation that was supposed to bail out the others was sitting on a time bomb of its own. Which would mean that Germany, the nation that liked to lecture others about lying, was lying. Lying about a potential trillion euro hole in its banks.
h/t Melinda Romanoff
Perfect use of a swear word to describe what’s born from the gubment/crony capitalism beast with two backs.
“Egg of shit”
Who would buy into this high risk garbage without massively corrupting inducements?
Why aren’t the corrupters and corruptees serving multi decades long sentences?
Because silence is golden for all concerned?
Sgt Lejaune, I think its because the other shoe hasn’t dropped yet, and because we have all naively been underestimating the sheer scale of the corruption in Europe and the USA.
-If- this is true, then the likes of Angela Merkel have been standing up with a brave front, but in the back their bare @sses are hanging out. If so, when the wheels come off there’s going to be lots of people going to jail. Like American bankers who sold securities they knew to be worthless, and German ones who bought them -also- knowing.
I have a feeling we are going to look back in twenty years and our kids are going to be shaking their heads at what suckers we were.
As long as no one tries to cash in on that trillion dollar debt everyone can pretend that the money is there. Just a few pieces of paper after all. They all stand out as they have “sucker” stamped on them. Sub prime mortgages are the gift that keeps on giving.
I’m going into the woods now and dig myself a cave.
It depends on the risk metrics banks use, and how they’re forced to report. Manulife posted losses in Canada, gains in the US. Depends on accounting rules too. The trillion figure is highly unlikely to be true in my view. Still big losses, but this is the dark side of reporting… Prespecified metrics are nice, but they can be a blunt instrument. And in some cases they’re just flat out wrong.
Goodbye Europe
“Humpty Dumpty sat on a wall,
Humpty Dumpty had a great fall.
All the king’s horses and all the king’s men
Couldn’t put Humpty together again.”
Revnant-
There was a poem about a very large, Rounders cannon and a successful castle siege that ended similarly, which I’m sure you knew.