Monday, December 17, 2012

Moral Hazard R US

Forbes recently ran a story describing QEternity as basically a gigantic money laundering operation (here). The bad assets go into the Fed at pretend and extend prices in return for high-powered reserves money. The HSBC settlement proved that bankers are above the law, that too big to fail is too big to prosecute.

The financial sector of the US is poised for a fall.


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