We noted Monday in Thanks a Lot EU that key was that the banks be re-capitalized, now. Forget the sovereigns and forget all the long-term solutions.
The IMF read our piece, and then Tuesday proclaimed that key was that the banks re-capitalize.
As the Telegraph has it, "Most people will find the idea that more than four years after the banking crisis began, the banking system continues to require squillions of public money is almost beyond belief."
What if the public refuse to bail out these banker types? The banks will, tortoise fashion, seek to disappear. Credit extension will come to a halt.
What fun.
Robert Craven
The IMF read our piece, and then Tuesday proclaimed that key was that the banks re-capitalize.
As the Telegraph has it, "Most people will find the idea that more than four years after the banking crisis began, the banking system continues to require squillions of public money is almost beyond belief."
What if the public refuse to bail out these banker types? The banks will, tortoise fashion, seek to disappear. Credit extension will come to a halt.
What fun.
Robert Craven
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