Yet while CNBC's surprise at this finding is to be expected, one person whom we did not expect to be caught offguard by this was one of the only economists out there worth listening to: Ken Rogoff. Here is what he said:
"Shin’s paper has orders of magnitude that I didn’t know"...Rogoff said it’s hard to calculate the impact that the unfolding European banking crisis could have on the United States. “If we saw a meltdown, it’s hard to be too hyperbolic about how grave the effects would be” he said.
Actually not that hard - complete collapse sounds about right. Which is why the central banks will never let Europe fail - first they will print, then they will print, and lastly they will print some more.
But we all knew that. Although the take home is the finally the talking heads who claim that financial decoupling is here will shut up once and for all.
http://www.zerohedge.com/news/exposing-american-banks-multi-trillion-umbilical-cord-europe
Inga kommentarer:
Skicka en kommentar