"Yes, Paul?"
Well, Perry:
A prominent and much respected French commentator wrote recently (my translation):
"For years, decades even, [the markets] bought up sovereign debt, deeming it the best possible investment, not so much in terms of profitability as in terms of safety. But this investment is of course no longer safe, as witness Greece where the "markets" have been obliged to cough up 100 billion euros at a stroke. Naturally enough, the markets are now selling, offloading..."
My question is:
Who are the markets selling and offloading to?
Well, Perry:
A prominent and much respected French commentator wrote recently (my translation):
"For years, decades even, [the markets] bought up sovereign debt, deeming it the best possible investment, not so much in terms of profitability as in terms of safety. But this investment is of course no longer safe, as witness Greece where the "markets" have been obliged to cough up 100 billion euros at a stroke. Naturally enough, the markets are now selling, offloading..."
My question is:
Who are the markets selling and offloading to?
Sovereign debt is being bought by central banks, particularly the ECB, via quantatative easing etc. This takes the risk burden away from banks that are very badly directed but whose directors are extremely sound chaps and places the burden with you, Mr Dunn, the dumbarse taxpayer. And no, you are not allowed to have an opinion/say about this as it is quite conceivable that your opinion would be the "wrong sort of opinion".
ReplyDeleteHope that is all clear to you now.
With some reluctance, I have decided to publish your "comment" Major (or I may I call you Corporal?). Incidentally, your own blog seems extraordinarily active.
ReplyDeleteWhen you refer to me as a "dumbarse taxpayer" what exactly do you mean?
I, too, hope that is all clear to me now. Hope what is all clear to me, Jeeves?
Surely Della has the answer?
ReplyDeleteI wouldn't listen to the Major, who I see you have rightly demoted.