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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Giordano Bruno who wrote (96226)	8/12/2008 9:22:03 PM
From: glenn_a	Read Replies (2) of 110194

Ambrose Evans-Pritchard ... One of the few mainstream journalists whose work I greatly respect, going back to his writings on the Bill Clinton era ... Mike Whitney, Henry Liu, and Robert Fisk being three others. But Evans-Pritchard has done some truly superb journalism on the unwinding of the Global Credit Bubble during the past several months. Thanks for posting. Oh, one comment by Evans-Pritchard: "There is no lender of last resort in the system". My thoughts: How CAN their be a lender of last resort in a fractional reserve, "fictional" reserve, drastically under-capitalized, global banking regime? I mean, I don't believe there are too many Central Banks out there that actually HAVE any capital to lend. And the more bad debt/paper the Fed takes off the hands of bankrupt US financial institutions, the uglier their balance sheet gets. There ARE, however, "printers" of last resort, and in such a world, I for one would want to own a bit of the yellow stuff. g

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