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Things That Make You Go Hmmm.... Such As Basel I...II...III... And Onward

Tyler Durden's picture





 

From Grant Williams latest TTMYGH: "Basel III attempts to force encourage banks to hold larger percentages of government bonds on their balance sheets in order to shore up their capital bases and to provide a riskless safety net should they run into liquidity problems. Thus far, holdings of Italian debt - with its 20% risk-weighting - have bankrupted MF Global in the space of a week (no 30-day cushion there, then) while the ECB SMP program has spent billions of euros accumulating 20% risk-weighted assets rapidly-declining assets that everybody else wants to sell high-grade Italian (and, latterly, Spanish) government bonds in a desper- ate attempt to stop the very assets that banks have been pushed into holding from bringing down the whole edifice. The absurdity of the situation is striking. After 2008, the world’s major governments (in their infinite collective wisdom) transferred the most toxic assets, that threatened to bring down their countries’ banking systems to their own balance sheets rather than suffer the sharp pain of bankruptcies throughout the global financial sector and the inevitable pain that would follow. Now, barely three short years after Lehman Brothers’ demise, central banks - their balance sheets hor- ribly disfigured by the fiendish experiments they have been conducting on monetary policy (charts, below) - have themselves become monstrous figures; distorted and twisted into barely-recognisable approximations of the institutions we have come to recognise over the decades as the guardians of monetary propriety. Bankenstein’s Monsters... And so we go back to Basel III."

Full report (pdf):

 

 


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Sun, 11/20/2011 - 05:39 | Link to Comment catch edge ghost
catch edge ghost's picture

And.. It's Par!

Sun, 11/20/2011 - 07:26 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Here is a scene from Good Will Hunting that is directly tied to the EU 'Crisis', the U.S. 'Crisis,' and all other crises, which have been, for the most part, either directly manufactured or the consequence of the imbecilic and/or cirminal policies of the political class, deeply captured by the Crony Capital Class (not capitalism with a small 'c', but Crony Capitalism with an emphasis on the 'ism' - there are few good 'isms' and many horrific ones), all financed by the blood that is churned by the fractional reserve bankster parasitic class.

If you don't know the connection to what Jim Grant is saying, given that fractional reserve banking systems, both at national (or allegedly so) and global levels, empower the worst kinds of the 'isms' to disenfranchise formerly free people who were true capitalists (small c) or aspired to be so, to the response the character gives to the question "Why wouldn't you want to work for the NSA?," you need to dig much deeper.

If you get it, congrats, and welcome to Camp Red Pill. It's not always easy to deal in truth, but at least you're not a sheeple that'll be easily or willingly sheared. Maybe you'll even fight back.

Maybe you or us will even win.

 

https://www.youtube.com/watch?v=l8rQNdBmPek&feature=related

Sun, 11/20/2011 - 11:36 | Link to Comment end da fed
end da fed's picture

truly beautiful

Sun, 11/20/2011 - 14:17 | Link to Comment Ahmeexnal
Ahmeexnal's picture

And at the epicenter of the collapse, calling the shots from Basel, is the BIS. Who owns the BIS? Well none other than the house of BISmarck and the Vatican.

 

The BIS was formed in 1930. The main actors in its establishment were the then-Governor of The Bank of England, Montagu Norman, and his German counterpart Hjalmar Schacht, later Adolf Hitler's finance minister.

During the period 1933–45, the board of directors of the BIS included Walter Funk, a prominent Nazi official, and Emil Puhl, who were both convicted at the Nuremberg trials after World War II, as well as Herman Schmitz the director of IG Farben and Baron von Schroeder, the owner of the J.H.Stein Bank, the bank that held the deposits of the Gestapo. There were allegations that the BIS had helped the Germans loot assets from occupied countries during World War II.

http://en.wikipedia.org/wiki/Bank_for_International_Settlements

 

Germany had a tradition of welfare programs in Prussia and Saxony that began as early as the 1840s. In the 1880s his social insurance programs were the first in the world and became the model for other countries and the basis of the modern welfare state.[37] Bismarck introduced old age pensions, accident insurance, medical care and unemployment insurance.

Yep, BISmarck started the medicare, insurance and foodstamp racket!

http://en.wikipedia.org/wiki/Otto_von_Bismarck

 

Sun, 11/20/2011 - 14:45 | Link to Comment Ghordius
Ghordius's picture

SO WHAT?

BISmark? Old Otto is the Father of the Social Transfer Scheme, yes.
The BIS is a scheme, too, a kind of CB secretary-general org...

So what? And how do you want to mix two ArchEnemies as Otto Von Bismarck and the Vatican?

Dude, you have some awesome stuff on you...

Read your own link, 5.1. "Kulturkampf"

Sun, 11/20/2011 - 14:51 | Link to Comment Ahmeexnal
Ahmeexnal's picture

They just pretended to be enemies. Very much like what we have today.  Create a "war atmosphere" in which the sheeple will allow the power elite anything.

And just answer this one...who is sitting NOW at the throne of St. Peter?

And that "Kulturkampf" was suddenly shelved, just as the dissolution of the BIS.

 

In April 1945, the new president Harry S. Truman and the British suspended the dissolution and the decision to liquidate the BIS was officially reversed in 1948.

... Pope Leo XIII who negotiated away most of the anti-Catholic laws. 

Sun, 11/20/2011 - 14:54 | Link to Comment Ghordius
Ghordius's picture

Sure, so millions of Protestants and Catholics have fought all the wars so that we would "think" so? Now you will say Gustaf of Sweden try to prevent this...

Sun, 11/20/2011 - 14:54 | Link to Comment Ahmeexnal
Ahmeexnal's picture

No, they have fought all the wars because they are mindless sheep who follow orders from a ruling elite who benefits from wars.

Just like modern day wars. You probably also believe that NATO interfered in Libya for "humanitarian reasons"?

Sun, 11/20/2011 - 15:02 | Link to Comment Ghordius
Ghordius's picture

No
Which has nothing to do with the above

You somehow forget that Catholics & Lutherans are both majorities here

Your "this stuff is a conspiracy" is a bit thin in many spots

You DON'T need a conspiracy to hoodwink your " scheeple".

Sun, 11/20/2011 - 17:19 | Link to Comment TruthInSunshine
TruthInSunshine's picture

You would be more complete in your analysis if you (at least) conceded that intentionally stirring tensions and conflict and division amongst 'different' religions, races, ethnicities, etc. is part of the strategy to keep the Grand Delusion churning on.

Distraction is a great form of obfuscation to conceal who the real perpetrators of many (if not most) of economic, societal and political ailments are.

Divide and conquer is one of the most reliable and well-tested tools in their tool box.

Sometimes a cigar is just a cigar, and a 'conspiracy theory' (labeled by whom, I do not know) is more accurately reflective of an underlying truth than not.

Sun, 11/20/2011 - 17:55 | Link to Comment Ghordius
Ghordius's picture

Good one, I like it

I still like a generous side dish of FACTS to the Higher Truth main course.

Otto pioneered unfunded pay-as-you go welfare and was an enemy of the Vatican, way beyond the political needs of the times.

Sun, 11/20/2011 - 22:07 | Link to Comment Ahmeexnal
Ahmeexnal's picture

He was only an "enemy" of the Vatican while that kept his popularity high.

Once it backfired:

He abandoned the Kulturkampf in 1878 to preserve his remaining political capital

His "war" against the Vatican was only for money, control, political gain.  Both sides decided to  end their quarrel and formed an alliance that continues to this day.

Proof of this is Pius XII ordering Germany to confiscate gold and convert by force millions of people. Those who refused were sent to death camps.

The very same procedure happened in 1492 when Spain confiscated gold and forced conversion. Those who refused where burned at the stake.  A few years later, Spain did the same to the moslems of Granada, under orders from the infamous pope Alexander VI (born Rodrigo BORGIA), of whom Niccolò Machiavelli  refers to as a corrupt politician completely without honor in his masterpiece "The Prince".

Sun, 11/20/2011 - 17:59 | Link to Comment Ghordius
Ghordius's picture

A thought for you: perhaps this " Grand Delusion" applies only to WW2 victors? The Losers of old see lots of things in a less black/white way. And I am including the French, Spaniards & Greeks.

Sun, 11/20/2011 - 12:14 | Link to Comment Treason Season
Treason Season's picture

Only good thing Dameon ever did.

Sun, 11/20/2011 - 05:54 | Link to Comment Temporalist
Temporalist's picture

Rtiholtz on Max Keiser discusses some Basel and MF Global.

http://www.youtube.com/watch?feature=player_embedded&v=R3L32RIkqNk

Sun, 11/20/2011 - 09:20 | Link to Comment El Viejo
El Viejo's picture

"All of the Banks ... if they were being governed by the laws that were in place 15 years ago they would all be in jail today. However because of the money they have made stealing, buying congressmen, buying senators, buying the supreme court, buying the judicial system, buying the political process, those laws don't exist anymore." Keiser

Not to mention cutting the investigative funding and telling the SEC investigators to look the other way.

Cue OWS: (no wonder this cop is angry)

 

http://www.youtube.com/watch?v=w2j4LLUu0BU  

 

Sun, 11/20/2011 - 06:09 | Link to Comment doggings
doggings's picture

there's nothing like a bit more circular ponzi logic to keep a failed system going another couple of months.

Sun, 11/20/2011 - 06:14 | Link to Comment wandstrasse
wandstrasse's picture

ot, but anybody knows if Chavez got Venezuelas gold onshore?

Sun, 11/20/2011 - 07:11 | Link to Comment sampo
sampo's picture

The central bank chief added that a first shipment of gold reserves that Chavez ordered repatriated from Western banks would begin arriving in Venezuela at the end of the month.

http://www.reuters.com/article/2011/11/15/venezuela-economy-idUSN1E7AD1ZJ20111115

I thought the shipments would be done by end of the month. Are we seeing delays here?

Sun, 11/20/2011 - 07:23 | Link to Comment wandstrasse
wandstrasse's picture

'Experts have cautioned that the operation to bring home some 190 tonnes of bullion worth more than $11 billion will be risky, slow and expensive. "We have now signed the contract with the company in charge ... the first load will be here in 15 days," Merentes said. Chavez announced the move in August as a "sovereign" step that would help protect Venezuela's foreign reserves from economic turbulence in the United States and Europe. Most of Venezuela's gold held abroad is in London.'

 

sampo thank you... this will remain VERY interesting...

 

Sun, 11/20/2011 - 07:24 | Link to Comment The 100 Trillio...
The 100 Trillion Dollar Man's picture

What's that Hugo, old chap, you meant November this year? We were planning for next November. You'll be dead by then, won't you? So you won't really need it then, I guess? How would you like a nice piece of paper promising you it in the afterlife?

Sun, 11/20/2011 - 08:11 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

Are we seeing delays here?

 

Well, of course, dummy. TPTB are buying time while they are in the process of figuring out a way to remove Chavez from power. You know how it works, right? First, they try to buy him off. Then, if he refuses, they try to bankrupt him. If that doesn't work, they will try to assassinate. And finally, if all else fails, bombings and invasion.You don't really think they will let him have all that gold, do you?

 

[/rhetorical]

 

 

Sun, 11/20/2011 - 08:35 | Link to Comment Carlyle Groupie
Carlyle Groupie's picture

Listen closely Kyle.

Sun, 11/20/2011 - 09:55 | Link to Comment Manthong
Manthong's picture

There may be an operational delay of a few weeks or so finalizing the logistics of the delivery that will not happen of the gold that does not exist because it accidentally ended up in the same place that Bin Laden is not buried.  

Sun, 11/20/2011 - 11:06 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Hugo Chavez - and I'm not fan for a variety of reasons that goes on forever (but this isn't about whether he's good/bad/benign/evil, but rather, the duty of Bolivians to take their own initiative) - will be taken out, ala Colonel Q/Saddam/Mosaddegh style. You can take that to the literal bank (betting against the jackals sent by the House of Red Shield is a long term losing bet).

You can't defy fractional reserve banksters another foothold, deny access to precious resources & claim that no one else is going to do your fiat printing for you - with each paper fiatski a debit with which your oil, gold and other resources will be seized when you inevitably default within the impossible to comply with terms they establish for you - for very long, before the jackals find a way to get you Moe Green'd, seeking asylum in a bankster paradise, or just simply get some major conflict brewing as a way to invade and depose you (in the event the jackals don't succeed).

Chavez's shelf life is quite short, not because he's good/bad/benign/evil/etc., but because he refuses to be assimilated (and it doesn't hurt that Bolivia has some much sought after natural resources and is a geographically desirable area).

Sun, 11/20/2011 - 12:31 | Link to Comment sampo
sampo's picture

Nice, but he rules Venezuela.

Sun, 11/20/2011 - 14:05 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Slightly OT, but Venezuela does consider itself a decidedly Bolivarian nation and Chavez a Born Again Bloivar, a la Saddam/Nebuchenezzer.

ORI

final-cut-trailer-01/

Sun, 11/20/2011 - 15:29 | Link to Comment TruthInSunshine
TruthInSunshine's picture

I wrote that at around 6:45 am with a wicked soon-to-be hangover from too many India Pale Ales after having about 55 minutes of sleep before being awoken by someone far more chipper than myself this Sunday Morning.

Yes, Venezuela.

I should have know better even in my fog of pale.

No exuses.

ORI gives me some semi credible or even more than slightly credible cover, though.

Thanks ORI

Sun, 11/20/2011 - 06:20 | Link to Comment Ghordius
Ghordius's picture

Join the Call: US Banks to leave the Basel Accords -They are Silly Precautionary Restrictions on Bank's Divine Rights - Gotta Do His Work

Sun, 11/20/2011 - 06:27 | Link to Comment Uber Vandal
Uber Vandal's picture

All that is missing in the illustration at the beginning of this article of a house of cards is a large can being kicked into it.

 

Sun, 11/20/2011 - 08:17 | Link to Comment jeff montanye
jeff montanye's picture

good image.

Sun, 11/20/2011 - 06:45 | Link to Comment Pretorian
Pretorian's picture

Watch The Goldman Sachs Project.Pupits ply "Basel Hmm" visual  http://www.independent.co.uk/incoming/article6264098.ece/ALTERNATES/w620...

Sun, 11/20/2011 - 08:30 | Link to Comment Carlyle Groupie
Carlyle Groupie's picture

Euro-tenticles.

Sun, 11/20/2011 - 07:08 | Link to Comment AUD
AUD's picture

Wow.. that's a lot of 'other assets' on the balance sheet of the Bank of England, I wonder what those 'assets' could be?

Sun, 11/20/2011 - 19:29 | Link to Comment Bananamerican
Bananamerican's picture

the hearts and minds of their muslim diaspora...

Sun, 11/20/2011 - 07:17 | Link to Comment Georgesblog
Georgesblog's picture

The world has "Cancer Of The Wallet"

http://georgesblogforum.wordpress.com/2011/11/20/1105/

Sun, 11/20/2011 - 07:19 | Link to Comment o2sd
o2sd's picture

Most banks barely implemented Basel II. Basel III is mostly a revision to Basel II in the wake of the GFC.

Basel I and II had different capital requirements for treasury assets/liabilities (mortgage books, private equity, structured finance) and financial markets assets/liabilities (Options, Futures and Other Derivatives (apologies to Hull)).

Basel II had initially intended to LOWER capital reserve requirements for mortgage lending and other treasury items, as the position of the banks was that their treasury positions were risk mitigated by their positions in financial markets (i.e. their spread and funding risks were hedged in derivatives markets). HA HA!

After the GFC, the Basel commitee revised those requirements posthumously, and decided it was a bad idea. Another thing that the committee wanted to address was the problem of credit migration.

Up until the GFC, tier 1 capital requirements could be satisfied by holdings of credit grade assets valued at par, as they were supposed to be risk free. Given the risk that risk free may turn out to not be risk free, the Basel committee recommended that institutions run credit migration simulations on both their tier 1 capital assets and any collaterized counterparties (credit grade assets as collateral).

Credit migration simulations are mind bogglingly complicated and computationally intensive. They are a nested stochastic simulation that takes both a huge amount of brain power to develop and computing power to run. I am willing to bet that very few institutions have the witheral to carry it out.

Even if they were able to do so, I believe that the outcome of a credit migration simulation would be the same conclusion as this article, i.e. that a sovereign debt default would spiral out of control as the credit migration cascaded through every counterparty (sovereign or corporate), every collateral holding and every bank balance sheet.

Time for a reset.

 

Sun, 11/20/2011 - 08:23 | Link to Comment jeff montanye
jeff montanye's picture

good insights.  wherewithal (which i initially misspelled) though.  thanks.

Sun, 11/20/2011 - 10:39 | Link to Comment topcallingtroll
topcallingtroll's picture

Just hold off the reset five more years please.
I dont have enough wealth yet.

Sun, 11/20/2011 - 09:44 | Link to Comment Zero Govt
Zero Govt's picture

No worries Barclays Bank has their crone, David Cameron, installed in No.10 in Britain and i'm sure Goldman Sachs, Credit Suisse and Deutsche Bank has the rest of Europe stitched up

The Rothchild bwankers have ruined Europe again (how many times is it now?) why do they bother to use political puppets? ...just takeover the Parliaments and be done with it you worthless tossers

Keep trying to spin your unproductive snakeoil of corrupting Govts and fraud money to fleece the productive economy/people

No more 'Bank Holidays' for the bwankers trying to keep their sinking ponzi-money scheme afloat

...i've got my popcorn and enjoying the snowballing clown show

Sun, 11/20/2011 - 08:13 | Link to Comment jeff montanye
jeff montanye's picture

on page 7 of the very useful post above there is a confusion with trillions, billions and millions of dollars in describing the fed's balance sheet. while trillion and billion have some (i am told old style) confusion (traditional british terms 1000x u.s. meanings), million (10 to 6th power) is unambiguous.  this needs to be cleaned up in an otherwise fine article.

Sun, 11/20/2011 - 08:35 | Link to Comment wandstrasse
wandstrasse's picture

so you are one of 3, maybe 4 individuals on this planet who still care if we talk about billions or trillions... pleasure to have met one of this extremely rare species.

Sun, 11/20/2011 - 08:38 | Link to Comment Eally Ucked
Eally Ucked's picture

It was fun to read report, after first read I can say that I don't understand why guy like Kyle Bass agrees to talk to so hostile and agenda driven bitch.

Mister Miller was shit manager from the biginning and looking at the graphs I can not find one reason where he got his fame. 

Spain, Greece we know whats going on.

China - I know communist govs (other govs are as good) in preparing data to show their achievments but I take reports from guys emigrating to US with grain of salt. Not to mention all those big economists have never been right, here or China or, as matter of fact, anywhere in the world. I'm not great believer in China's great boom but on other side they have cheap labor, low environment standards and so on to continue for some time on growing, on other hand the system is so corrupt that it may shorten the period of their growth. Will see. 

Sun, 11/20/2011 - 10:59 | Link to Comment Zero Govt
Zero Govt's picture

i know the "agenda driven bitch" though haven't seen her for over a decade since she was promoted first to SKY then to the Bent Broadcasting Corporation (BBC)

I'd imagine a few years at the BBC would turn anyone into a hed-fuked socialist, their editors, presenters and 'reporters' are all establishment canon-fodder (like CNBC's)

The BBC are about to run a documentary, "When Bankers Were Good", hosted by none-other than Private Eyes, Ian Hislop, a supposed anti-establishment spanner in the works (dream on)

The BBC's promotion of the documentary run regularly on BBC drops the line from Hislop, "when Rothchild gave the poor street children a penny". Hislop is unwittingly being used to promote Rothchilds alturistic side (the BBC also repeat-drops Bill Gates 'charity' work for poor children as often as it possibly can as 'news')

That reminds me when a News programme turned up the heat on Masons many years ago. They beleated out the Masons helped warn and evacuate a City 2 Centuries ago from maurauding barbarians

Yep both Rothchild and the Masons have to go back Centuries to find their last piece of charity for society ....doesn't quite make up for the Centuries of cheating, fraud, stealing, rigging and putting themselves above the Law in between!

Sun, 11/20/2011 - 09:37 | Link to Comment FranSix
FranSix's picture

In gold we trust:

 

http://pufone.org/blog/in-gold-we-trust/

 

(You'll want to take a look at this)

Sun, 11/20/2011 - 10:17 | Link to Comment jomama
jomama's picture

you'll be better off if you never click like i did.

Sun, 11/20/2011 - 09:50 | Link to Comment Greenhead
Greenhead's picture

It doesn't matter how leveraged a central bank is as long as they can monetize debt.  The bank itself has no real cost basis in its acquisitions, it just creates magic money.  However, if it continues to absorb more sovereign debt, it shackles the population with an increasing burden of debt service which ultimately is intolerable.

Sun, 11/20/2011 - 10:04 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

the winner of the " DO as I SAY not as I do" award: for your pleasure:

"NetJets, the private-aircraft company owned by Warren Buffett’s Berkshire Hathaway Inc., sued the U.S. over excise taxes and penalties totaling $642.7 million assessed against the company. "

Read more: Buffett sues IRS over $642.7 million tax bill http://www.wnd.com/?pageId=369625#ixzz1eFov8jh6

Sun, 11/20/2011 - 10:35 | Link to Comment bigdumbnugly
bigdumbnugly's picture

"- have themselves become monstrous figures; distorted and twisted into barely-recognisable approximations..."

 

HEY!  easy there!   i resemble that remark.

but yeah, basel doesn't even help my cooking.

Sun, 11/20/2011 - 10:37 | Link to Comment lolmao500
lolmao500's picture

"Basel III attempts to force encourage banks to hold larger percentages of government bonds on their balance sheets in order to shore up their capital bases and to provide a riskless safety net

Funny how their riskless safety net is full of holes.

Sun, 11/20/2011 - 11:11 | Link to Comment Sudden Debt
Sudden Debt's picture

There should be a basel 4 I say!!!

Sun, 11/20/2011 - 11:49 | Link to Comment DutchR
DutchR's picture

Basel = Blasé

Sun, 11/20/2011 - 12:06 | Link to Comment rambler6421
rambler6421's picture

let's get rid of fractional reserve banking.

 

libertarian86.blogspot.com

Sun, 11/20/2011 - 12:36 | Link to Comment tabernac
tabernac's picture

Can someone explain how ECB sterilization is supposed to work?  If the ECB is buying PIIGS bonds, from where do they get the money if they are not printing it? 

Sun, 11/20/2011 - 13:21 | Link to Comment Captain Benny
Captain Benny's picture

Its a little old, but this will be a good starting point:

http://www.reuters.com/article/2010/05/17/us-ecb-bonds-sterilisation-idUSTRE64G51220100517

 

I still view it as money printing.  Its basically a bet that there won't be a run on the banking system... which is EXACTLY what we're starting to see.

Sun, 11/20/2011 - 14:18 | Link to Comment FinHits
FinHits's picture

Yes, ECB initially prints the money to buy a PIIG bond, and hands that money to the bond owner in a program called Secondary Market Purchase (SMP). ECB will eventually get the same money back from the PIIG Government once the principal is due. From that point of view: instead of the money getting to circulation only at the PIIG bond maturity, it gets immediately to circulation via the old bondholder. He may not reinvest it to another PIIG bond, though.

Then ECB goes to Sterilisation: it offers to get the same amount as above in its deposit account from Eurosystem commercial banks (and companies with banking licences such as Siemens). If they hand their Euros to ECB, they get an IOU and after the deposit expires also some interest. This operation, if continued until the PIIG Government pays back the bond principal (now to ECB), effectively removes the same amount of cash from the system as was released by ECB to the original bondholder.

Helpful?

Sun, 11/20/2011 - 17:03 | Link to Comment tabernac
tabernac's picture

Yes, thank you.

Sun, 11/20/2011 - 13:10 | Link to Comment Schmuck Raker
Schmuck Raker's picture

/nm

Sun, 11/20/2011 - 14:01 | Link to Comment PragmaticIdealist
PragmaticIdealist's picture

"Amazingly enough, before the Financial Crisis, the Federal Reserve's balance sheet consisted of $800 million worth of treasuries. Now? It’s pushing $3 billion...

Should be $3 TRILLION. Big mistake.

Sun, 11/20/2011 - 14:26 | Link to Comment El Gordo
El Gordo's picture

Once again we see the government trying to come up with a one size fits all solution to what may or may not be a soverign problem (ie., solvency of the banks).  Turn them loose and the free market will decide very quickly who can stay and who should go.  The strong will become stronger, and the weak will go away, resulting in a stronger overall system.  Those idiots who overleveraged in search of profits, knowing there is no penalty for screwing up, will just continue to do so.

Do NOT follow this link or you will be banned from the site!