Had to Post This
Saw something today that made me feel that I do know what the f%ck I am talking about! From Mish:
“We do also need creditors to be involved in the costs of restructuring,” Merkel said today in Seoul, where she’s attending a summit of the Group of 20 leaders. “There may be a conflict here between the interests of the financial world and the interests of politicians. We can’t constantly explain to our voters that taxpayers have to be on the hook for certain risks, rather than those who make a lot of money taking those risks. I ask the markets sometimes to bear politicians in mind, too.”
Trichet says such talk risks exacerbating the situation for indebted nations as they struggle to cut their budget deficits.
“The more you talk about restructuring debt, the harder it is to obtain debt,” Irish Finance Minister Brian Lenihan said Nov. 2. “That is the reality.”
Thank you! Thank you!
If there was ever a more clear picture of the reality we are now in please show me. As long as debt can be rolled and everyone pretends it's all good then no problems! Like I have written, if anything happens that demands real money in today's system it's all gone in about 10 minutes.
Have a good night.