Cricketer Europe -- Operation Phoenix

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Subject: Cricketer Europe

Author:
Allen Currie

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Date Posted: 09:46:52 05/24/12 Thu

Damn. two hours of brilliance just lost and now I can't even remember what I said. Grin

Thank you, and thank you for lurking.

As I have said below, Governments and other Authorities seem to have the habit of doing exactly the right thing to fix exactly some other problem at precisely the worst possible time. Again as I said below, Iceland seems to have stumbled to the right conclusion. Let the privately owned (bank) corporations fail as any other privately owned corp, and government must step down and keep their fiddle faddeling fingers out. They have already proven they cannot manage, and more mismanagement isn't going to help. Of course the standard reaction is; if this cockamamie solution doesn't work, the problem is that the rules are not draconian enough. Reinforce the rules. King Kanut CAN turn back the tide.

I have been studying the depression of 1920/21. That was the last depression that the Fed didn't "fix" things. (Sorry, they were so young and new. The Fed only came into being a very few years previously) Like Icelands fall, that depression was VERY vicious but short lived. Iceland today is not the land of milk and honey, but it is surviveable. They purged their systemic problems and are unlikely to suffer that much as the rest of the world who are trying to turn back the clock and "fix" things.

Your banks have a two fold problem. With depositors liable to being hung out to dry, they are more prone to depositors acting more quickly than N.American depositors who have all sorts of "guarentees" that they will not lose money. (Guarentees are only as good as the guarentor) On the Other hand, they will likely be quicker to swallow some very bitter medicine. (Providing Government doesn't decide to "fix" things.)

Allen

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