william the wie
Gold Member
- Nov 18, 2009
- 16,667
- 2,402
- 280
LC, a book from the 90s, "F.I.A.S.C.O." about the trading practices of Morgan Stanley (and other US banks) details how relatively honest US financial instruments were packaged to juice accounting statements worldwide for example the Greek deficit when it was applying for Euro membership. Japan has been using the US mortgage market to pretty up accounting statements since at least the 80s and maybe the 70s. There are literally trillions of writedowns to go before Japan hits bottom. China stopped publishing full accounting statements for state owned banks and enterprises in the 90s.
When these financial blackholes implode it will be the economic equivalent of nuclear holocaust as opposed to the shock and awe of the 2008 meltdown.
When these financial blackholes implode it will be the economic equivalent of nuclear holocaust as opposed to the shock and awe of the 2008 meltdown.