Feb 07
2
The End Of Money
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I came across an interesting blog called The End Of Money…. written by Dr Chris Martenson.
If you are wondering whether the US economy is headed (and that also means the macro global economy – the world of money is totally interdependant), it is worth a read.
Here is a snippet:
Then, on January 26th 2007 it was reported that Alex Weber of the European Central Bank (ECB) sternly told the Davos participants
that “If you misprice risk, don’t come looking to us for liquidity
assistance”, meaning that he wanted everyone to know that the Central
Bank would absolutely not bail them out if they got
into trouble, and that the wealthiest market players in the world would
have to accept their losses just as you or I would. However, this must
have been entirely too unthinkable an outcome for the Davos
participants because Alex immediately softened that harsh rhetoric by
saying that of course “systemic threats to financial stability” would
be treated ‘differently’ which, – let me access my banker decoder ring
thesaurus function here – turns out to be an alternative spelling for
‘to a bailout’. While Mr. Weber took many words to convey his true
message, I managed to encapsulate it in a single short memo:
that “If you misprice risk, don’t come looking to us for liquidity
assistance”, meaning that he wanted everyone to know that the Central
Bank would absolutely not bail them out if they got
into trouble, and that the wealthiest market players in the world would
have to accept their losses just as you or I would. However, this must
have been entirely too unthinkable an outcome for the Davos
participants because Alex immediately softened that harsh rhetoric by
saying that of course “systemic threats to financial stability” would
be treated ‘differently’ which, – let me access my banker decoder ring
thesaurus function here – turns out to be an alternative spelling for
‘to a bailout’. While Mr. Weber took many words to convey his true
message, I managed to encapsulate it in a single short memo:
“If
you’d like to be eligible for the ECB bailout program, please endeavor
to be sure that your bets are large enough to possibly ruin the system.
Thank you. A. Weber”
you’d like to be eligible for the ECB bailout program, please endeavor
to be sure that your bets are large enough to possibly ruin the system.
Thank you. A. Weber”