muses of the moment

May 30, 2012

Reggie on Europe’s Banks

Groovygirl thinks Reggie Middleton’s recent public post on European banks is worth a read, and re-read.

Click here.

Keep in mind that Reggie is right most of the time, but usually early. It is very possible to keep the European banking system together until after the US elections. It is also possible to keep confidence until mid 2013. It is also possible for it to all unravel tomorrow. This is a confidence game and nothing else.

GG is also interested in what the new rules from the ISDA will be regarding “credit events”. That could prop-up or erode trust between banks and countries very quickly.

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