Ares
11th May 2010, 06:28 PM
Dear Friends,
So many unprecedented events have occurred that even we are getting hardened to the economically absurd.
The Western world was once again on the brink of a financial collapse last evening. If it wasn’t, you can be assured that the Fed would not have ponied up swaps as large as they have.
The reason I discuss this tonight is to drive home the realization that the Western world is financially crippled with band-aids now amounting in the trillions.
I can only imagine what size offering of euros took it down from over $1.30 to the present $1.2887. You pledge almost $1 trillion to do all necessary to support the euro, and it fails to take the prize on the day of initiation.
"Pretend" comes at an ever increasing price. This time it was $200 billion more than TARP.
"Extend" becomes less and less effective.
Be very careful as this last save has not yet occurred.
Respectfully,
Jim
http://jsmineset.com/2010/05/10/the-multi-trillion-dollar-band-aid/
So many unprecedented events have occurred that even we are getting hardened to the economically absurd.
The Western world was once again on the brink of a financial collapse last evening. If it wasn’t, you can be assured that the Fed would not have ponied up swaps as large as they have.
The reason I discuss this tonight is to drive home the realization that the Western world is financially crippled with band-aids now amounting in the trillions.
I can only imagine what size offering of euros took it down from over $1.30 to the present $1.2887. You pledge almost $1 trillion to do all necessary to support the euro, and it fails to take the prize on the day of initiation.
"Pretend" comes at an ever increasing price. This time it was $200 billion more than TARP.
"Extend" becomes less and less effective.
Be very careful as this last save has not yet occurred.
Respectfully,
Jim
http://jsmineset.com/2010/05/10/the-multi-trillion-dollar-band-aid/