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The US TBTFs should have plenty of almost free money at least through June, and Bernanke could always assert that withdrawing Quantitative Easing risks a financial collapse in order to tide the TBTFs over until they have made their killing on the breakup of the euro-zone. And all would vociferously deny that bets on euro-zone break-up had anything to do with continuation of QEII. Of course the Fed would never be so rude as to require that the proceeds from such bets should go to bank stability. They obviously will need to be paid out as bonuses so the 2012 elections can be financed.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Apr 10th, 2011 at 03:12:24 PM EST
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