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Banks are broke, won't admit it, and are fighting rules that will stop them from borrowing even more money with less collateral. You KNOW that when Diamond is arguing against Basel he is admitting the Basel rules are a good thing. And Basel rules are only a teeny fraction of what banks should be forced to hold in reserve.
the last gasp of the Ponzi scheme, this is what we are seeing.
the smart people are going to the bank of Sealy, the folks with tons of money are trying to stay in cash, and the really really smart ones are buying metals.
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