Wednesday, December 28, 2011

Is a beach bar called Built on Granite the safest place for your liquid overnight assets?

If the beach bar was of rotting plywood and in plain disrepair, barely standing between the low and high water tidal marks, on clearly shifting sands, angled and tilting above a similarly rotting wooden deck but named "Solid as Rock" and a sign trumpeting  "Under the new management of Signor Draghi" together with further blazoned assurances of previous good management by a Monsieur Trichet formerly of Credit Lyonaise, would you still deposit your valuables, behind the bar for security, before departing inland for the night?

Such is what European banks are reportedly doing in record amounts, see the report from Nasdaq, linked here.

What a strange world we live in when security is sought from what appears to be one of the biggest confidence tricks and clearest charades of all time!

See also my first posting of this morning, beneath this, with a similar pertinent question!



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