Police

Irrelevant. People come to a site and see a topic title they like and expect to be able to read about it. Then they read your spam and don't return.

Another thread spammed.

Well, not if your suppliers are in one country and your customers in another. For example, capital expenditure; you acquire large assets in expectation of future business and expect to expense them over a long period - however the revenues now raised from that capex no longer match the expensing of that asset.

The banking system is being allowed to operate in negative equity. Given they are all insolvent, cash flow isn't going to be a problem since no one bank will be pulling more than the other.

Because the ECB and Bundesbank will be insolvent. There's also the small matter of millions of private contracts written in Euro's. If you've booked earnings or valued your company or sequested resources (in euro) due to a contract written in euro - you won't be happy when a drachma actually comes in the payments office.

Nobody outside the country would accept it.

Surely, if someone is googling "Neil Russan" they already know he is missing?

And then the government spends the money and government workers et al deposit it.

The average Irishman is crapping his pants he's going to be in the poor house. They'll vote Yes. They have a national insecurity and suffer a collective Stockholm syndrome.

Sitting on a beach, earning 20%.

For the lepers http://www.youtube.com/watch?v=SHtNlj1JbLg

You didn't read the post I see. Continue with your rant.

Full Interview

They are not well placed to forgive it. For starters, it is beyond their remit. Its existence it due to a treaty of nations - it operates within in the boundaries of that treaty. The ECB is the foundation of the monetary system and everyone's euro deposits. It cannot be an effective central bank of a prosperous economic zone if it hasn't sufficient assets providing the cash flow needed to effect the monetary policy for that zone - and defend the traded value of that currency. It would have to be recapitalised by the member nations. There are no free lunches and the hazard of precedent in unilaterally allowing it to happen is quite clear. Suffering a default is far more desirable as opposed to actively promoting it - and the national politics certainly do allow that prescription.

No - it can't be insolvent. But a central bank with negative equity leaves it's economy open to attack. There's also the little problem of politics.

How can the ECB buy up all the debt - they already own it and it backs the EURO currency. A default leaves the ECB technically insolvent - or very close. That in turn leaves the Bundesbank insolvent. It's the Germans driving this debacle.

...and take your banks with you.

...and take their banks with them.

Northern Rock didnt create any money. They borrowed it.

Banks don't create money so they failed at the first fence.

OFF TOPIC !

Plenty of alkies on HPC. Have you noticed how the grammar and spelling declines precipitously on a Friday night?

Yes - earned revenue. Doesn't mean any cash has arrived or that the debtor is actually going to pay.

Yield can still be found even today. How much commission can a money manager skim from an unrealized gains?

Think you might need to revisit your maths