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I was more commenting on the alleged ECB report showing much higher levels of median wealth in Italy than in Germany and how difficult this makes it for Germans to contemplate bailing out allegedly wealthier countries who don't play by the rules.

Also, as an aside,  it is easy to grasp at a narrative alleging vaguely illicit Russian "grey" money when we don't know much about how this is different from trillions of other "investment" money looking for a home all over the world. If the Russians had put their money in senior bonds (like German banks?) rather than into deposits, would this have made it less grey? Is Russian or German money in Swiss banks any less grey?

It seems to me that individuals with some but not a huge amount of wealth are more likely to put their money into deposits rather than bank bonds - which are more the preserve of the seriously rich - but what do I know... this is a different world to the one which I inhabit.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon Mar 18th, 2013 at 07:41:41 AM EST
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Bonds are often traded at big nominal values, say 100 000 euros. You can buy bond funds, but then you have to live with a management fee, and there is also a long waiting period (like three days) to get out of your position, while both bonds and deposits can be liquidated immediately.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Mar 18th, 2013 at 07:46:44 AM EST
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