LA LIQUIDEZ Y LA CRISIS DEL SISTEMA MONETARIO EUROPEO
Uno de los problemas más graves de Europa es que los verdaderos debates sobre la situación actual de la crisis del sistema monetario tienen lugar, más frecuentemente, fuera de sus fronteras.
Así lo pone de manifiesto el comentario y los cuadros del mismo aquí reproducidos, después de que la crisis haya sido dilatada de nuevo con el nuevo programa de liquidez de los bancos centrales a los bancos de la eurozona.
El comentario se refiere, agudamente, al momento “Lehman” europeo y a la envergadura y aparente imposibilidad de un programa como el TARP americano a nivel europeo.
“The most scathing report describing in exquisite detail the coming financial apocalypse in Europe comes not from some fringe blogger or soundbite striving politician, but from perpetual bulge bracket wannabe, Jefferies and specifically its chief market strategist David Zervos.
The bottom line is that it looks like a Lehman like event is about to be unleashed on Europe WITHOUT an effective TARP like structure fully in place. Now maybe, just maybe, they can do what the US did and build one on the fly - wiping out a few institutions and then using an expanded EFSF/Eurobond structure to prevent systemic collapse. But politically that is increasingly feeling like a long shot. Rather it looks like we will get 17 TARPs - one for each country. That is going to require a US style socialization of each banking system - with many WAMUs, Wachovias, AIGs and IndyMacs along the way. The road map for Europe is still 2008 in the US, with the end game a country by country socialization of their commercial banks. The fact is that the Germans are NOT going to pay for pan European structure to recap French and Italian banks - even though it is probably a more cost effective solution for both the German banks and taxpayers....Expect a massive policy response in Europe and a move towards financial market nationlaization that will make the US experience look like a walk in the park. " Must read for anyone who wants a glimpse of the endgame. Oh, good luck China. You'll need it.”