Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
LOL

You're right, some serious innumeracy there. There's no way anyone's Irish bond holdings is in the trillions, be it European (million million million) or American (thousand thousand million).

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010

by Migeru (migeru at eurotrib dot com) on Sat Nov 27th, 2010 at 10:50:02 AM EST
[ Parent ]
Those are the total assets under management of those institutions, not their Irish bondholdings.

Golem may be talking BS, for all I know. But read the post first?

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Nov 27th, 2010 at 11:12:47 AM EST
[ Parent ]
I presumed "hold bonds" meant "hold Irish bonds" both times it is used...
So where do these wealthy bond holders live and work?

Germany has the most with 15 of the bond holders. Who between them hold 5.3 trillion euros.



Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Migeru (migeru at eurotrib dot com) on Sat Nov 27th, 2010 at 11:56:21 AM EST
[ Parent ]
So go on a quick scan of the quote, if you prefer...
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Nov 27th, 2010 at 12:34:55 PM EST
[ Parent ]
Golem (David Malone) writes:

"The total assets under management which I was able to compile from publicly available figures is €20,871,150,000,000.   That is an underestimate because the bond holders who turn out to be Private and Swiss banks don't publish any figures.  So Anglo Irish's 'bond holders' hold and invest MORE than 20.8 trillion euros.  Guido lists those bond holders as holding between them 4 Billion euros in Anglo Irish bonds."

He's talking about CDOs and CDSs, so I think those amounts are US trillions or EU billions.

He's not innumerate or illiterate at all.

From Wikipedia:

Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008.

http://en.wikipedia.org/wiki/Financial_crisis_of_2007-2010

by kukute on Sat Nov 27th, 2010 at 11:55:55 AM EST
[ Parent ]
Yeah, but if you hold and invest 21 trillion euros, what is a 500 billion euro insolvency to you?

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Migeru (migeru at eurotrib dot com) on Sat Nov 27th, 2010 at 12:00:38 PM EST
[ Parent ]
A drop of water in a bottomless pit!  -:)

Those of leap2020, ten days ago:

Warning Global systemic crisis - First quarter 2011: Breach of the critical threshold of global geopolitical dislocation
With the G20 summit in Seoul, which signalled to the planet in its entirety the end of US domination of the international agenda and its replacement by a generalised mood of "every man for himself", a new phase of the crisis has begun, prompting the LEAP/E2020 team to issue a new warning. The world is about to breach a critical threshold in this phase of global geopolitical dislocation... (page 9)

. Concluding the quantitative easing: the Fed placed under "house arrest" (page 11)

. Political paralysis in Washington: the US adrift, the dollar in freefall, and austerity looming in 2011 (page 12)

. European austerity: spread of social resistance movements; mounting populism; risk of fostering radicalism in rising generations; higher taxes (page 14)

. Strengthening of Euroland and beginning of euro manipulation in Europe (page 15)

. United Kingdom: a former power falters (page 16)

. Japan: the latest efforts to resist China's power (page 17)

by kukute on Sat Nov 27th, 2010 at 12:09:58 PM EST
[ Parent ]
That depends on whether you are leveraged more than 102:1 or not ;-P

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Nov 27th, 2010 at 12:16:02 PM EST
[ Parent ]
Anyone who holds naked CDS on European sovereign debt deserves to go broke, I don't care if they're Deutsche Bank. Though probably Axel Weber does.


Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Migeru (migeru at eurotrib dot com) on Sat Nov 27th, 2010 at 01:46:01 PM EST
[ Parent ]
Anyone who holds naked CDS on European sovereign debt deserves to go broke.

FIFY.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Nov 27th, 2010 at 02:20:10 PM EST
[ Parent ]

Display:

Top Diaries

Occasional Series