If we are to believe the most recent narrative, the problem is no longer one of liquidity or insolvency, it all has to do with confidence or the lack of it. The banks are swimming in cash but don't trust each other. At least that's what I'm hearing and reading a lot. Well, I can only guess that they don't trust each other because each one individually knows how rotten their books are, how  much they've lied, how much they're keeping up appearances, that is, in the circumstances they wouldn't trust themselves. So eveyone's playing the confidence game, i.e., con game, a swindle by making false promises. A big part of this con game is to enforce the narrative that confidence is lacking and causing mayhem. The collapse isn't the result of thievery, swindle, deceit and unsustainable expectations: it's the result of a lack of confidence, as at the height of the internet mania everything was a matter of perception. All this has everything to do with virtual money and wealth. 'Go shopping!' (psst, with your credit card). Remember that jewel. I find it odd that we haven't heard much from either Italy (euro basketcase number one or two, with Ireland?) or Spain (bursting housing bubble; okay, now guaranteed savings).