Chomsky
01-17-2012, 11:38 AM
http://milwaukeestory.com/index.php/2012/01/17/imf-ecb-and-efsf-death-of-the-fallible-optical-backstop-352/]]
For anybody who has not seen this amazing talk by Kyle Bass at the 2011 Austin conference before you even read this post do yourself a favor and go watch that video. In it he lays out the psychology behind the current tragedy in the soverign debt crisis. Namely the majority of those in the financial world who have not lived through a prolonged soverign debt bond bear market have full faith in the ECB, EFSF, IMF, the Federal Reserve and all optical backstops to save the western financial structure, so the current thought process of a last minute savior is simply silly at best.
For anybody who has not seen this amazing talk by Kyle Bass at the 2011 Austin conference before you even read this post do yourself a favor and go watch that video. In it he lays out the psychology behind the current tragedy in the soverign debt crisis. Namely the majority of those in the financial world who have not lived through a prolonged soverign debt bond bear market have full faith in the ECB, EFSF, IMF, the Federal Reserve and all optical backstops to save the western financial structure, so the current thought process of a last minute savior is simply silly at best.