Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
Well, in a properly run central banking system, the CB should act as market maker of last first resort between long and short term funding. So the problem is not, in a properly run central banking system, in the nature of short-term funding (of course in the central banking system we actually have, we are saddled with the ECBuBa...). The problem is in the nature of the geometric effect of leverage upon the solvency of holders of garbage assets.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Aug 12th, 2011 at 05:58:54 AM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Top Diaries

Civic Self Defense Resources

by gmoke - Sep 19
1 comment

2034

by Frank Schnittger - Sep 10
5 comments

Recent Diaries

Civic Self Defense Resources

by gmoke - Sep 19
1 comment

Faux Accompli

by Cat - Sep 14
11 comments

2034

by Frank Schnittger - Sep 10
5 comments

The Focus Group

by THE Twank - Aug 31
10 comments

Labour grows up?

by Frank Schnittger - Aug 27
57 comments

Exhibit 1

by Cat - Aug 22
22 comments

EU Position Papers

by Cat - Aug 22
24 comments

PACER

by Cat - Aug 18
5 comments

More Diaries...

Occasional Series