I told you Depends would come in handy! Hope placed on European fiscal integration and the new fantasy involving a "banking union" might as well include plans to legalize heroin, if only to mitigate the excruciating pain a fascist financial dictatorship naturally entails. There is but little time remaining to play make believe, what with a heightened measure of want on both sides of the Atlantic making for a powder keg about to explode in Greece, as well as all across the euro-zone periphery (notwithstanding the many Alan Schwartz clones claiming otherwise).
Any effort to but further marginalize at the alter of unpayable debt the growing population of financial fraud victims is doomed in the present climate. No doubt, this reality is setting in, yet its consequence continues to escape general perception.
Unless significant debt restructuring / write down and systemic reorganization repairing the utter lack of transparency crushing investor confidence becomes the order of the day — this raising to a deafening volume the call for a global Glass-Steagall standard — it is o-v-e-r for those presently trapped in the current fraud-rife financial paradigm here at the brink of its collapse. Those like Citigroup's Tobias Levkovich who would cite the fact that, certain systemically important credit spreads have yet to blow out a la 2008, pre-Lehman Brothers' collapse, hold tight to fantasy's last bastion of faith in the capacity of lenders of last resort to withstand an imploding mountain of debt. Presumably lender of last resort activism over the past few years keeps spreads presently in check — an effect blind faith assumes immutable. Yet does anyone wonder if systemically vital credit spreads are tame out of utter necessity?(!) Lord knows no shortage of extraordinary manipulations are keeping up appearances on many fronts. Truth is, though, there's no point in blowing out credit spreads when there are no more lenders of last resort which to easily swindle, quite unlike the situation in 2008. That former iteration served to buy time. As was inevitable, time has expired.
The funny men of Wall Street who make their way to mainstream media outlets with outlandish comparisons to previous, post-WWII periods act only to keep many an unsophisticated operator frozen like deer in the headlights of an oncoming freight train. It is so plain I am inclined to take back remarks above about a lack of transparency on Wall Street.
Need I say more? Better change my Depends, as Charles Dallara and every other lame apologist for a fraud-rife banking system are laying on the fright pretty thick per the likely prospect Greece bolts from the EMU. He says ATMs possibly could no longer work if Greece leaves. The only problem with this prospect is the likelihood that, 90% of all Greeks probably have drained their bank accounts already. So ATMs no longer working rather might be a blessing in disguise, cutting down on crime committed against those still possessing capacity to use them. But way to accelerate European bank runs, Chuck! You know what I would say if I were Donald Trump...
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