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People understand the situation in terms of their own experience and extrapolate that to high finance where different rules apply. The whole subprime scam was based on the realisation that most people want to repay their debts even at the cost of going hungry and the immorality of high finance and "debt restructuring" is outside their moral universe. Index of Frank's Diaries
What? People in Ireland still think they have banks left, let alone worth defending?
At least the current Irish Central Banker is not that insane: Sell Irish banks to foreign investors, says Honohan
Ireland's banks should be sold off to foreign owners to quicker clean up the debt crisis, the country's top banker declared today. Patrick Honohan, governor of the Central Bank, also claimed a new government will be able to change the terms of the 85bn EU/IMF bailout. The banking chief said getting overseas investors to take over the homegrown banks that survive the current economic mess was looking like the best option.
Patrick Honohan, governor of the Central Bank, also claimed a new government will be able to change the terms of the 85bn EU/IMF bailout.
The banking chief said getting overseas investors to take over the homegrown banks that survive the current economic mess was looking like the best option.
The ATM machines still work... Index of Frank's Diaries
Somebody really has to explain to people (and politicians, and unfortunately even to central bankers) how a regulatory bank resolution works. Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
The metaphor of the ATMs not working was actually used to bring home to people the seriousness of the situation - unfortunately in an entirely misleading way.
So the key points are - debt restructuring is an entirely routine way of resolving structural imbalanced which have been allowed to build up between debtors and creditors - for which both are responsible, and yes, the ATMS (which is the sum total of many people's experience of banking - will continue to work before, during and after the process. Index of Frank's Diaries
What about their moral responsibility for not doing their damn jobs? She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
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