Thursday, Feb 19, 2009
More abyss
Market Oracle: US, UK, Eurozone Banks Face Collapse: Global Banking System Insolvent
For those who look, a strong case can be made that European banks are as bad off if not much worse off than their US counterparts.
Posted by sold 2 rent 1 @ 12:40 PM (486 views) Add Comment
6 Comments
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1. rocket robbie said...
I am probably one of the few people in the Uk that want the pound to stay low against the euro. I work in transport and our orders have increased 30% from last year because we are that much cheaper than our european competitors.
2. icarus said...
Wall Street / London caused the mess and originated most of the toxicity. Eurozone banks were obvious candidates to be recipients of the hot potatoes Wall Street passed around. Western European banks broadly control those of eastern Europe. The former are struggling to deleverage and survive - what chance they'll make credit available to the east? Problems are pushed eastwards.
3. rm96696 said...
Icarus-
Frankly I'm not convinced that the problems originated in wall street and london. Eurozone banks created plenty of problems for themselves. Their mortgage lending to eastern europe was every bit as idiotic as subprime lending or northern rock 125% "together" loans (many mortgages in eastern europe are denominated in foreign currency such as euros - imagine if, in addition to recklessly fuelling the property boom, hbos had half its loans in euros). For some time it has been clear that the party in eastern europe was heading for a very bad hangover.
4. montesquieu said...
Why do people keep posting this cultist pish?
5. montesquieu said...
Sorry comment above under wrong article, should have been the other one. But I've had enought of all this end times shite.
6. icarus said...
@3 - I'd argue that Wall Street investment banks originated most of this financial crisis. Maybe we can take this up in another post.