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Keynes said
The old saying holds. Owe your banker £1000 and you are at his mercy; owe him £1 million and the position is reversed.
Addendum to Keynes: if the bank has written CDS for £1 billion of your debt you hold the entire world economy at your mercy.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 16th, 2011 at 04:33:13 PM EST
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