Jim’s Quote of the Day:
“…While every bank tries to pass the toxic parcel on to somebody else, the system has to find the money. So will compensation for the near valueless contracts and thus now uninsured debt ultimately be made – and by whom? And because nobody knows – not the regulators, banks or governments – who owns the swaps and whether they are credit-worthy, nobody can answer the question. Maybe holders of insurance policies will get the cash due to them, but will that weaken somebody else? The result – panic. This is the ultra-dangerous downward vortex in which the system is locked. …