The 360 Trillion Dollar LIBOR Punt
NOT every problem can be solved by throwing money at it, but as Libor falls for the third day in a row we need to keep spinning those prayer wheels and throwing the money at it.
According to Bloomberg
‘Dollar money-market rates fell after the European Central Bank, Bank of England and Swiss National Bank offered lenders unlimited U.S. currency for the first time in a coordinated effort to unlock credit markets.’
How much money, I hear you asking.
Well, governments are putting in $3 trillion in an attempt to get the money markets in general, and the dollar money markets in particular, working again.
And if you think that is a lot of money, you are quite right. But $360 trillion of loans world wide are linked to LIBOR, and the higher it stays the more likely we are to see catastrophic business failures which would make the present unemployment figures like an Elysian dream.
And the more likely the total collapse of the financial system becomes…
- Chenier
Posted: 15th, October 2008 | In: Money, Twitterings Comments (3) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
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October 16th, 2008 at 2:31 pm
It”s like Monopoly Money, we can”t comprehend a Billion, never mind a Trillion!!!!!!
Seemingly this Credit Swap thing is more serious, 60 TRILLION DOLLARS , you
just can”t get your head around it can you, and it is already 1/2 a TRILLION in
default. The Public will be indebted to the Middle East for years and what price will
we have to pay politically.
I think all these Bankers should be put in the Stocks and the Public allowed to throw
anything they want at them.
October 16th, 2008 at 8:46 am
‘Dollar money-market rates fell after the European Central Bank, Bank of England and Swiss National Bank offered lenders unlimited U.S. currency for the first time in a coordinated effort to unlock credit markets.’
……………………………………………………………………………….
COORDINATED - being the ultimately operative word in this phrase!
There’s gonna be some jam made from this charade.
Jammy Bastards Reunite! Jammy Bastards Reunite!
Jammy Dodgy Bastards!
October 16th, 2008 at 5:57 am
“And the more likely the total collapse of the financial system becomes…”
That will be the financial system regulated (?) and controlled by fat cat capitalists, and paid for by the tax payer.