“In money management what sells is illusion of certainty. The truth (i.e. we don’t know much) is a more difficult sale, but a better investment.”
- Tweet from Piet Viljoen of RE: CM asset managers.
“A woman was trying to read
If deposits were still guaranteed
If her bank would consign
To Frankfurt am Main
Or Cyprus would have to secede.”
- Tweet from Dr. Goose
“..a quite outstanding week’s work by the Troika [ECB, EC, IMF]. Take a moment to realise the scale of what’s been done here. No human agency has achieved so much economic destruction in such a short time without the use of weapons.”
- Pawel Morski, ‘Cyprus: the operation was a success. Shame the patient died’.
“Alright, people just need to chill. Cyprus is a tiny country. To put things in perspective, its GDP is roughly the size of.. Lehman.”
Tweet from Jesse Livermore.
Like Lehman Brothers before it, Cyprus may well come to be seen not so much as the cause of further crisis but as yet another symptom of the ‘long emergency’ that continues to suffocate the western economies. We would describe this emergency as, fundamentally, an inevitable crisis triggered by an unsustainable explosion of credit. No progress or improvement has been or will be possible in the underlying condition because both the banking sector that collectively lost its mind and the governments that permitted it to are fatally dysfunctional and equally bankrupt, literally and morally. Western banks and western governments are now like Macbeth’s
“..two spent swimmers, that do cling together
And choke their art.”
The prime minister of Luxembourg, Jean-Claude Juncker, has provided two clear insights into the world of deceit that the modern politician inhabits:
“We all know what to do, we just don’t know how to get re-elected after we have done it.”
“When it becomes serious, you have to lie.”
This is what we now have by way
of parliamentary democracy: a self-serving elite who cannot be trusted,
operating to a timetable defined by, and limited to, the electoral cycle.
To read more,
Download A Greek Tragedy