Yves Smith has picked up on a pet peeve of mine. In the midst of our crisis we have heard all kinds of cat calls about the failure of the “American Model” of financial capitalism, especially from Europeans. I find this fascinating given the far more leveraged and under supervised practices of their banks.
Well Yves, Paul has a nice little summary, but I’ll suggest a more detailed look from the same people here. It is truly hair raising. I am more concerned about the fallout from overseas collapses than I am about our own ability to get through this.
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