Wednesday, November 16, 2011

Just as this blog has been quiet - don't think the final collapse is deferred

Acting Man is still closely following events and recording the ever more dire economic portents and supplying its predictions, a quote from today:

We must reiterate on this occasion that we are not only finally seeing a crisis of the modern-day welfare states, but underlying it, a crisis of the fractionally reserved banking system. In spite of the fact that the ECB has now advanced almost € 1 trillion in 'emergency liquidity' to euro area banks, i.e., almost an entire enlarged EFSF worth of money from thin air, the banks continue to flounder.

Man overboard: the spread of French OATs over German bunds goes ballistic – click for higher resolution.



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