If someone wants to withdraw money from a fund, you first have to know how much the fund is worth. Since the fund managers don't know how much the funds are worth, they're not letting people withdraw money until they do know how much the funds are worth.
That's what they are admitting to, right now, anyway. But according to their logic that things are worth what the markets can bear, they are actually, in a very real sense, worthless.
If you insist that they are not worthless, you have to drop the pretence that markets can measure everything all the time. This is a fundamental point to make.
That banks and companies can be in long term commercial relationships and not just mercenaries focused on immediate profit. That trust has value, i.e. that relationships, social links, and, gasp, community have value. In the long run, we're all dead. John Maynard Keynes
All of course caused by ECB total lack of willingness to act as a real bank regulator (since ECB now has a monopoly on this).
Politically the ECB actions are nothing short of incredible:
The US Fed is not different. Fai de bèn a Bertrand, te lou rendra en cagant
