IMF is going to take us over
They can hire any Special Investigator all they want, but we really have an authentic and lasting recovery this time around. Market utopia at last!
first?
Perhaps of interest in conjunction with CR's links: Foreign holders of US Treasuries - Feb 2009
The holdings are concentrated in a few countries, while countries such as Germany, France, and Canada with large economies have relatively trivial holdings of US Treasuries. First?
10mb of TARP and PPIP slamming goodness.
------------------
sacrealstats
Breaking;
AP says stress test loves MBS securities, regional bank loans not so much:
http://finance.yahoo.com/news/APNewsBreak-Fed-tests-harder-apf-14987065....
Who would have guessed it but the big Wall Street Banks are going to come out ok on this! WOWZA! This is sham wow of a sham.
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don't make me send.......A MEMO!
Instead of a SIGTARP.... we need a SIGKILL.
Current market is SIGSEGV.
A problem with the IMF is that it is essentially controlled by the countries that need to take strong measures, but are in denial. I.E. the US, UK, and Germany. I expect that the UK could become a failed state, as there are active secession movements in Scotland and Wales, and the UK is effectively insolvent now. Perhaps Scotland could break away, become an independent state, and join the Eurozone.
Kung Fu Panda wrote on Tue, 04/21/2009 - 2:40pm.
Perhaps of interest in conjunction with CR's links: Foreign holders of US Treasuries - Feb 2009
China can suck up its chunk, no problem.
But I'll bet the Japanese are sweating ....
"Due to the difficulties in predicting systemic events, policy makers should develop comprehensive crisis plans that can be implemented quickly if needed. Having such a scheme in place before a crisis erupts may help diminish uncertainty, which is often a key factor in the transition of a "contained" financial crisis to one that is systemic." IMF
ya think?
Samdog,
I agree regarding Japan. They may need to start selling some of their holdings of UST to cover their spending packages, and of course that strengthens the yen, which damages their export sector. And of course there is the capital loss on their holdings that would occur as their sales would be likely big enough to move the market down.
Obama to Congress: Let's Get the IMF World Domination Show on the Road
President Barack Obama Monday asked Congress to back an expansion of an IMF emergency fund by 500 billion dollars.
Obama also asked lawmakers to approve a US contribution to the fund to 100 billion dollars, as part of the plan agreed to at this month's Group of 20 summit in London.
The president sent several letters to Democratic and Republican congressional leaders on Monday.
Obama argues that the funds do not require an extra financial outlay from the United States, because when Washington transfers funds to the IMF under the program, known as an expansion of the New Arrangements to Borrow (NAB), it would receive interest bearing assets in return, backed up by IMF resources including gold stocks.
"Our proposal to increase US participation in the NAB by up to 100 billion as part of an overall increase of 500 billion dollars was warmly endorsed by the G20 Leaders," the letters said.
"I am asking for your help to deliver on that commitment by supporting inclusion of the NAB and related IMF proposals in the most timely legislative vehicle that will enable the United States to act quickly," Obama wrote.
"Rapid progress is essential to the restoration of confidence in the global economy and financial system so that the global economy can emerge from recession to recovery and to sustained growth.
Obama made the request in letters to two Democrats: House of Representatives speaker Nancy Pelosi and Senate Majority leader Harry Reid; and Republican House leader John Boehner and Senate Minority leader Mitch McConnell.
Bottom line, the move to a new international reserve currency is well underway. My reporting on this, however, now appears to be just touching the surface of what is in the works.
This now appears to be an aggressive bizarre world domination plan. There is simply no other way to explain these rapidly moving developments.
AP says stress test loves MBS securities, regional bank loans not so much:
That's just the stress test taking into account which types of assets the federal government is willing to grossly overpay for.
(That they happen to be the ones on the books of the biggest and best connected banks is merely a coincidence, of course.)
The Big Fish eat the Smaller Fish (ie Regional banks). Read the link. Time to take my money out of the regional bank and into a credit union or *gasp* one of the 19. If you can't beat em....
peon@wallstreet ~$ su
password:
root@wallstreet ~$ dd if=/dev/zero of=/dev/sda bs=512 count=1
root@wallstreet ~$ reboot
Page 143:
In SIGTARP's view, Treasury did not receive sufficient oversight-enabling provisions in the agreements, nor has it established a sufficient compliance protocol with the Federal Reserve. Although Treasury did obtain certain inspection rights for the disposition SPV that it is funding, it has no oversight or access rights over any of the borrowers, including the borrowers who default on their loans and surrender the ABS collateral to the SPV. Indeed, Treasury does not even have the right to learn the identity of such borrowers. In other words, under its current agreement, Treasury does not have access to the identity, or any oversight authority over, the borrowers from whom, in effect, it will be buying surrendered ABS.
------------------
sacrealstats
kermit is looking rather jaunty today
peon@wallstreet ~$ su
password:
root@wallstreet ~$ dd if=/dev/zero of=/dev/sda bs=512 count=1
root@wallstreet ~$ reboot
You forgot
root@wallstreet ~# chown -R goldman.sachs /
The Quiet Coup by Simon Johnson.
Yours In Socialism,
Kilgore Trout
So I did.
I keep reading it as SIGTRAP.
- Nemo
Anonymous wrote on Tue, 04/21/2009 - 2:53pm.
AP says stress test loves MBS securities, regional bank loans not so much
Is that because the Fed's already 'guaranteed' any toxic--excuse me--"legacy" mbs's?
TARP money running out.
Stress test due for announcement.
Corporate earnings w/much still to come
Congress will resist any new spending
Issuance of new Treasury debt not going so well
Treasuries are swinging around like wheels are about to come off
Govt is involved in every nook n cranny of economy
Even with printing, debt, counterfeiting on speed, accelerator on the plunder matrix, full stern speed on velocity trading by P Dealers, and blind eye to every manipulative device...
this is the unsustainable of all unsustainability.
Epic fail imminent.
Market gets juice only by Treasury jawboning and backroom public funds.
Spigot is getting turned off, by congressional repudiation, by global repudiation, by public repudiation, by insufficiency of funds.
The past few months reminds me of, oh, late August '08, when everyone knew certain financial institutions were going to fail (at the time: WM, WB, LEH, FNM, FRE), but they had to go through their death throes first, trying to sell themselves, raise capital, sell off assets, deleverage, etc.
Now we have C (for sure), AIG (for sure), BAC (likely), as well as many regional banks (FITB? etc) and insurance companies.
The sooner we get this over with, the better.
check this out:
http://finance.yahoo.com/news/APNewsBreak-Fed-tests-harder-apf-14987065....
time to say bye bye to your community banks 
(even to the still standing )
Nemo (member) wrote on Tue, 04/21/2009 - 3:01pm.
I keep reading it as SIGTRAP.
It's your brain forcing a logical pattern onto a situation where there is otherwise none to be found.
AP says stress test loves MBS securities, regional bank loans not so much
Bold, very bold.
--
The Zombie Apocalypse begins when U3 hits 15%
It's a
SPACE JAM!!!
Breaking up the banks, or nationalization, or failure due to insufficiency of funds (after they've exhausted public coffers)
is around the corner.
Not enough money in the whole world.
Not enough debt can be issued in the whole world.
Not enough counterfeiting despite every clever means in the world.
This black hole could absorb the entirety of all the productive capital available on the globe,
absorb every available shekel of debt subscribers,
could borrow every presumed future gleaning of any endeavor,
and still be found wanting.
Nothing can make it whole. It must eventually fail.
Watching the futility of the furious daily saves, is like watching a raft of ants in a whirlpool.
Wish I could say I was on the sidelines.
time to say bye bye to your community banks Evil (even to the still standing )
If they kill off the regionals, who will pay off the FDIC losses?
------------------
sacrealstats
http://finance.yahoo.com/news/APNewsBreak-Fed-tests-harder-apf-14987065....
Need to throw someone under the bus, and surprise surprise it is not going to be one of the Wall St big boys
someone here earlier said that they were FAZ yesterday, and FAS at opening?
lucky bastards
the whole problem with leverage, especially as much pervasive leverage as there is that....there is never enough money to fill the holes.
That's kind of the point.
(Eric's economy-as-Unix):
We lost root password on this machine some time in the last 100 years.
So more like:
su
Password:
su: incorrect password (you've been pwned!)
That's what we get for not using sudo(1). :-!
Sent by my endocrine system
Any wonder this guy is part of Team O:
http://blogs.wsj.com/law/2009/04/21/a-koh-ordinated-attack-on-harold/
The Quiet Coup by Simon Johnson.
-------------------------------------
Simon Johnson, a professor at MIT's Sloan School of Management, was the chief economist at the International Monetary Fund during 2007 and 2008.
He did not last long at the IMF. I like him already.
Any wonder this guy is part of Team O:
When i first saw the pic of Koh, my reaction was that the Obama Administration had signed up both Kutner and Hiro.
#define SIGTARP 0
I want to get off this ride now. How do I opt out of the US?
--
The Zombie Apocalypse begins when U3 hits 15%
http://globaleconomicanalysis.blogspot.com/2009/04/economist-mankiw-defe...
Mankiw and Shedlock
ERROR:
Cash would find immediate substitution. Any circulating "marked" bills would be immediately culled and redeemed for "whole" bills. Gaming and unproductive exploitations would immediately begin. Buying bills at discount. Confidence would immediately shrink from cash, deeper stepbacks from productive enterprise would ensue. Gold would skyrocket.
People of any means would repudiate US $, hoarding would begin in earnest.
Fools trying to bolster a system would only succeed in removing a final tenuous plank in an already very shaky foundation.
#define SIGTARP 0
Well see, then kill -SIGTARP BAC doesn't do anything.
Oh.
Wait.
The search for bagholders is becoming more and more inane.
Look for a future lottery, like a grim reaper consciption, where a random individual of some means is selected.
And his fortune nationalized, all his possessions stripped. Why not have the national government play an even better game.
Why not bureacratize systematic kidnapping for ransom schemes. People would certainly part with their wealth for the preservation of their blood.
Where are we going, Mankiw?
kermit's hoppin for an 8 handle
If they kill off the regionals, who will pay off the FDIC losses?
If you look around the table and you don't see the sucker....
/////I want to get off this ride now. How do I opt out of the US? /////
http://www.privateislandsonline.com/]
" Tupuli (member) wrote on Tue, 04/21/2009 - 12:19pm.
I want to get off this ride now. How do I opt out of the US? "
I picked up this book in the airport the other day, it kind of covers that theme. Good plane reading at a minimum.
http://www.amazon.com/Emergency-This-Book-Will-Save/dp/0060898771/ref=sr...
If they kill off the regionals, who will pay off the FDIC losses?
the community banks are one level below the regionals.
I conducted my own stress test today.
Drove up to Home Deport to see how little I need to spend on an illegal Mexican to dig a hole.
Started at $10 per hour, answer was yes. Kept going all the way down to $2 per hour for 10 hours to dig holes in my back yard. Supply was about 30 illegals hanging around the parking lot.
Thinking of actually playing out the experiment to see if he accepts $2 per hour. Then the next day, I'll hire another illegal to have the holes filled back in and will post pics on a blog.
I want to get off this ride now. How do I opt out of the US?
"Need to throw someone under the bus, and surprise surprise it is not going to be one of the Wall St big boys "
Hurry up, piranhas are waiting and growing hungry...
j wrote on Tue, 04/21/2009 - 3:20pm.
http://globaleconomicanalysis.blogspot.com/2009/04/economist-mankiw-defe...
Mankiw and Shedlock
ERROR:
j,
Shedlock certainly gives Mankiw a good thrashing, as he well deserved ....
Do agree with Ron Paul that it's OK for state officials to talk about seceding from the union?
Yes 39% 15233
No 61% 23638
Total Votes: 38871
the community banks are one level below the regionals.
Just below boot-heel.
------------------
sacrealstats
stress test = pre-meditated market share grab. The bigboys are roof-less. (Hence the need for a TARP.)
HAL : I'm afraid. I'm afraid, Dave. Dave, my mind is going. (CHONG : Dave's not here.)
Haha wrote on Tue, 04/21/2009 - 3:34pm.
"... OK for state officials to talk about seceding from the union?"
That was tried, 1861-65.
didn't work ....
This manic activity of trying to stem economic inevitability is a shadow of things to come.
The natural instinct of trying to avoid the consequence of one's own actions is Darwinian.
Seeing the day of reckoning where every magnificently contemplated device of extracting more virtue than one has inserted into the human system comes to an epic fail restores confidence of justice.
It is a quiet manifestation of what is to be.
That exquisite and brutally fair final day, where the tally has absolute purity, and the recompense is unalloyed.
Its final distillate is not so complex: the golden rule, as the ultimate all encompassing system of humankind's soul reaps as it has sown.
I wonder which leaked afterhours report fueled today's rally: (1) Capital One to report sharp decline in credit losses? (2) Yahoo! to get TARP bailout for toxic message board platform?
Kung Fu Panda wrote on Tue, 04/21/2009 - 11:46am.
A problem with the IMF is that it is essentially controlled by the countries that need to take strong measures, but are in denial. I.E. the US, UK, and Germany.
What ? We should destroy our currency and become a banana republik like the US ? Ludicrous !
Because of irresponsible american credit junkies ? Ludicrous !
Best laugh I ever had .
These state officials talking about secession would throw a tantrum if Congress voted to kill defense projects based in their states. Just pandering to the Southern fundamentalists and other, extremist groups; and seeking to deflect attention from their own corruption problems.
They should've run the poll on abolishing the FED instead. Guess no mainstrem news outlet will EVER run that.
I am amazed WFC isn't tanking going into the release tomorrow. The fantasy news is already out. Now we get to see at least some of the imaginative gimmicks they used to get there. Their auditors are quite accommodating. They gladly sign off on 22.6BILLION in goodwill. No telling what else will appear in their financials...
Geithner's Quandary
An assessment of the prospects for further stratification within the Banking Sector is available at:
Werner,
When Spain and Italy go BK, what is Germany going to do? You speak of "our currency" as if it were the Deutsche Mark. So sorry, that doesn't exist anymore. And German banks were more leveraged than US banks, and bought CD swaps from AIG instead of putting up real capital. Oh, and don't forget, outright bribery is standard operating procedure for German companies. I'm afraid Germany is more bananified than the US, and is dependent on the US.
"This now appears to be an aggressive bizarre world domination plan."
----------
Right, like Russia, China or any nuclear power is going to knuckle under.
This should be a good show.
Samdog (member) wrote on Tue, 04/21/2009 - 11:47am.
Kung Fu Panda wrote on Tue, 04/21/2009 - 2:40pm.
Perhaps of interest in conjunction with CR's links: Foreign holders of US Treasuries - Feb 2009
China can suck up its chunk, no problem.
Ahhmm, why is it that I have the distinct feeling that the US will actually suck up the mess they created ?
P.S. I wunder how long the oil sheiks deliver their oil to the US against worthless printed paper . I guess some day in the not too distant future they will wake up and we will see these nice gas-lines of 1975 reapearing .
bearly,
If I'm not mistaken, the $22.6B for "Goodwill" just represents the excess amount WFC OVERPAID for its acquitions. But it's safe to say it's fictional "money."
The silver bullet of The Quiet Coup is recovery will fail unless we break the financial oligarchy that is blocking essential reform.
So far team Obama has done nothing to readily address or materially change so The Triumph of the Banking Oligarchs continues at huge taxpayer expense.
"These state officials talking about secession would throw a tantrum if Congress voted to kill defense projects based in their states"
---------
You've obviously never been to Texas or dealt with Texas die-hards.
Broward -
Can you expand on the "marginal utility" of information?
As opposed to just plain "utility" of information.
Thanks
Suddenly when our energy supplies get threatened, they revive Mr. Pons & Fleishmann.
Suddenly "cold fusion" or the quantum magnitudes of extractable energy from atomic energy effects at ambient temperature is revived.
These men's reputations and scholarly careers were destroyed. Now this cheap, readily available and nearly inexhaustable energy source is again all the rage.
Wasn't it thoroughly disproved? Or simply shelved for a more politically expedient time to bring it to public use?
Questions, questions.
Just got off the phone with a WFC rep trying to sell me medical insurance. They've really ratcheted up their cross-selling efforts in the last couple of months. I may dump them just because of the phone calls.
Werner:
European banks are far behind those in the United States in clearing bad loans off their books, and are so highly leveraged that they may require additional capital injections of up to $1.2 trillion to restore them to long-term stability, according to a major International Monetary Fund report released today.(WaPo 21-Apr-09)
What? Did they say 1.2 TRILLION?
Werner, did the US force Europe to acquire all that bad debt?
GS and C were the two largest contributors to the Obama campaign - is there really any surprise the stress test criteria are slanted in favour of the investment banks? Elections in the US are merely an exercise in the proletariate voting for one of the two candidates the plutocracy put on the ballot.
Deafy,
How does cold fusion work?
http://newenergytimes.com/v2/news/2009/60MinutesTurnsUptheHeat.shtml
How could the scientific community make such an obvious and astounding error?
Have they been subordinated to the greater interests and timing set by the state?
Would the carbon sequestering, climate change matra, global warming fears ready a shock-indoctrinated populace to embrace a new energy form. This, as geopolitical and economic anomalies "soften the enemy" for easy adoption? It would certainly be a clean, inexhaustible, easily implemented energy solution.
Kung Fu Panda wrote on Tue, 04/21/2009 - 12:50pm.
Werner,
When Spain and Italy go BK, what is Germany going to do?
Laugh at their stupidity !
( I guess you will never grasp that. )
And you left out Great Brittain , they are bankrupt too , but thankfully not a €-member .
We are dependent on the US ? I guess you are dependend on us to help you in your bail you out ! Haha.
ah hahaha
VNO: +12%
SPG: +11%
JPM: +9%
PRU: +10%
WFC +9%
Good companies at bargain basement prices. Get in while you can!!
squidward (member) wrote on Tue, 04/21/2009 - 3:56pm.
Broward -
Can you expand on the "marginal utility" of information?
As opposed to just plain "utility" of information.
Thanks
Broward,
I've wondered what you meant, too.
--S
Dirk's article is on the Yahoo! Finance home page:
http://finance.yahoo.com/news/Timmy-Testifies-We-Take-zacks-14986772.htm...
Good stuff Dirk.
"Can you expand on the "marginal utility" of information?"
--------------
The same as marginal utility in economics. Each successive unit of information (however you care to define it) is worth less. Twelve years ago I put together a scheme to detect the DotCom crash using a market-basket of costs to approximiate the COST of information versus the PRICE of information using a market-basket of stock prices for the IT infrastructure companies. A rapid divergence in cost versus price would signal a crash, or perhaps it would be a coincidence indicator.
In retrospect, you can see that in the major stocks, MSFT, ORCL, CSCO, INTC which I defined as the IT infrastructure companies. A second factor to offset price is wages. The outsourcing of IT work since the Dot Com crash created an additional COST decrease which allow price to keep falling... until now.
I estimate that most of the mass-appeal, consumer value of information is harvested or captured. What's left is increasingly niche products which require more development spread over fewer customers, i.e. an increasing price point.
"When Spain and Italy go BK, what is Germany going to do?"
Those countries have been "BK" many times before and still they keep coming back. They know the drill, Americans don't. For more, most Americans earn their salaries selling FOREIGN imported stuff. What they are gonna do?
Is it really that hard to accept the fact Americans are now at the bottom of the barrel? 30 years of hollowing out the economy while others have been catching up quickly, keeping their infrastucture in good shape, investing in education and R&D. Meanwhile, American captains of industries have been selling the country to the highest bidder as fast as could and in many times for free. Wal Mart DEMANDED that portion of products must be made in China. How fucking stupid is that in the long term for US economy? Wal Mart is a freeloader of the worst kind.
These "but but they are dependent on us"- stupid excuses will just make things even worse.
"any surprise the stress test criteria are slanted in favour of the investment banks?"
------------
None. As i mentioned in a prior threads, I expected a two-tiered stress test. One is the real values, the second is an offset to make the banking system look okay for the public. I wasn't sure what the offset would look like but I suppose I should have known it would be related to derivative value.
COF worse than expected......... TAKE THE MARKET ON THAT!!!
Eric,
So their stock will go up right? Doesn't that mean that this was the kitchen sink quarter?
Crapital one - what's in your wallet?
charge-offs!
Whoops:
Capital One Reports Loss of 39 Cents a Share, Much Deeper than Expected (story developing)
------------------
sacrealstats
"... OK for state officials to talk about seceding from the union?"
That was tried, 1861-65.
didn't work ....
No it didn't work. Of course, they practically dared the other Union members to stop them and/or get their money and property back.
If some state decided to be a gigantic pain in the ass for the rest of the states and then offered up a plan whereby Congress could vote to kick them out and get compensated for all federal property that would be leaving, I think it may turn out differently.
The key to a good negotiation is for both sides to feel like they won...
Using the model of the railroad companies after the Civil War - there was a huge ramp-up in railroad infrastructure because the railroads derived a lot of their values by destroying local commodity monopolies. In the same sense, the IT infrastructure companies derive their value by destroying local information monopolies. But there's a finite value there.
The railroads grew along an S-curve, accelerating their investments into related industries - iron mining, steel production, etc, creating a lot of secondary economic activity until they reached the inflection point, the point at which a new track of railroad cost more than it could return. Railroad industry peaked and consolidated, profit margins shrank and eventually something like 25-30% of employment disappeared.
i expect the same thing to happen in IT. It has, to some degree and I was hoping that the initial crash of 2001 had blunted what would happen in the second crash. I may have been wrong, though. As near as I can tell from my dice, careerbuilder and monster listings, this is at least as bad as 2003 for IT jobs.
Obama to Congress: Let's Get the IMF World Domination Show on the Road
President Barack Obama Monday asked Congress to back an expansion of an IMF emergency fund by 500 billion dollars.
Obama is starting to look like the stereotypical naive idealist who's becoming an unwitting tool for entrenched special interests.
The difference is that this time the Union is in favor of slavery.
What if the IMF is the final Ponzi scheme?
Broward - thank you.
Each successive unit of information (however you care to define it) is worth less.
Certainly that's true for repetitive-type information. For example, repeated measurements may decrease the measurement error, and each successive measurement decreases it less.
But suppose I check the weather forecast (partly cloudy), then check it again (partly cloudy), then check it again (partly cloudy). Each information is worth less.
I check the weather forecast a fourth time: Hurricane on the way!
Well, this fourth piece of information is worth more than the previous three!
Do agree with Ron Paul that it's OK for state officials to talk about seceding from the union?
Yes 39% 15233
No 61% 23638
Total Votes: 38871
Is this 1859 instead of 2009?
Capital One Reports Net Loss of $0.45 per Common Share (Diluted)
--First Quarter Net Loss of $86.9 million, or $0.39 per Common Share, from Continuing Operations, including $124.1 million addition to allowance.
-Capital One now expects that managed charge-off dollars in 2009 will be higher than the $8.6 billion outlook for 2009 projected in the fourth quarter of 2008. The company has chosen not to specifically update its outlook for managed charge-offs given significant uncertainty in the economy.
------------------
sacrealstats
Letting Texas and California secede now will spare us the humiliation of ceding them to Mexico later.
Read it and weep taxpayers!!!!
Suckers!!!!
http://dealbook.blogs.nytimes.com/2009/04/21/we-fought-aig-and-aig-won/?hp
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"hat was tried, 1861-65.
didn't work ..."
---------------
This isn't 1865.
The Federal gov't is shredding its credibility & borrowing ability and has been for some time.
"ell, this fourth piece of information is worth more than the previous three!"
-----------
The infrastructure to deliver the information is not, though.
I'm talking about at a macro-level, society-wise.
No one would create a company specifrically to deliver a piece of information to you alone, although that's the extreme case of price spread over shrinking customer base.
I define "price per unit of information" to be a marketbasket of networking labor, chips, etc. A weighted mix of all the components necessary to extract and deliver a unit of information. Think of in terms of calculus and integrals and derivatives.
Samdog (member) wrote on Tue, 04/21/2009 - 1:01pm.
...Werner: European banks...
...Werner, did the US force Europe to acquire all that bad debt?...
No , not force but AAA-lie !
(Well , I guess most of it .)
Samdog (member) wrote on Tue, 04/21/2009 - 1:02pm.
Deafy,
How does cold fusion work?
Not at all !
I remember the excitement when Fleischman and Ponds (typo?) came out , when , in 1995 or so ? But as it emerged after half a year that NOBODY could duplicate their results , they were finnished. Fraud , pure and simple !
Interseting that the "non scientific" media still want to milk that subject .
If you read it in "Science" then it is beliveable , else ....
Anonymous wrote on Tue, 04/21/2009 - 1:19pm.
What if the IMF is the final Ponzi scheme?
It would have been annexed by the US long ago !
I remember the excitement when Fleischman and Ponds (typo?) came out , when , in 1995 or so ? But as it emerged after half a year that NOBODY could duplicate their results , they were finnished. Fraud , pure and simple !
Interseting that the "non scientific" media still want to milk that subject .
If you read it in "Science" then it is beliveable , else ....
It was 1989.
Contempt for science runs very deep in this country, and perhaps in Europe as well. In some circles the very fact that nobody was able to duplicate their results served as proof of a cover up, and thus as confirmation.
"..Werner, did the US force Europe to acquire all that bad debt?...
No , not force but AAA-lie !
(Well , I guess most of it .)"
Naw, the Euros just clapped their hands and hoped it would all be gravy. Due diligence, intelligent analysis, a little independent thinking...naw, you can't expect that from Europeans.
That would be hard. That would require running the numbers and questioning the premise of the investment. You ask too much of the little folks overseas.
1
.............................
If you don't take your profits, someone else will.