The markets have already told us that Europe currently has a broken monetary system, according to Kyle Bass, Hayman Capital Management managing partner. An important point is reiterated in this interview: bond write downs will mean losses to the bank shareholders and bond investors–that is the natural outcome of making bad investment decisions–but it does not mean that the deposit holders have to lose or that the banking system cannot continue to clear and process properly. That is the same fear-mongering BS that Paulson and company used to extort 100-cent-on-the-dollar bail outs of bank bond holders in 2008. Hopefully the world will wise up this time and not fall for these same self-serving arguments from the financial sector at the expense of tax payers everywhere. Voters should make as much noise as possible to prevent a replay of this fiasco in 2012. Here is the direct link to the clip.
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