Kaboom! Overnight Borrowing From ECB Hits Record As European Banks Remain Under Stress. Who Is Holding The Bag?

All of this just makes me laugh at the finger pointing out of Europe when the U.S. system imploded. There were even remarks out of Germany that such a dynamic could never happen there. Hubris has a funny way of manifesting itself. Then came the ridiculous bank tests giving us an all clear both in the U.S. and the Euro zone. Re our remarks a few posts ago, this is akin to the appointment of a Blue Ribbon Commission. ie, These political bank tests are an attempt by the status quo to hoodwink society and cover up a corrupt and bankrupt financial system. How about a Department of Justice FBI-led criminal test of the financial system? That I might believe.

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