This ought to scare the shit out of Congress...UBS Economic commentary Oct 9, 2008

[whistle]

..."Plan to Save the World" commentary by Paul Donovan

http://www.youtube.com/user/ubseconomics

...you can go to the link and watch today's commentary along with all other commentaries through the past week

[dchill]

1. The banks already have all the money in the world...

Where will governments get more to pay the vig? Why do they want it?

[whistle]

2. It does sound like blackmail or extortion coming from Paul Donovan doesn't it

[dchill]

4. I don't see how...

it could possibly sound like anything else!

[anigbrowl]

6. Well, this kind of suggests you don't quite get it

If the banks really did have all the money (or a majority thereof) then they'd actually be in control. Reality is that banks only exist at the pleasure of governments, because banks don't have armies or police of their own. Also, when people throw up their hands about the banks having all the money, it's worth considering that the money bank has on deposit is nothing to do with the money the bank actually owns.

Remember, governments administer legal tender. They can, and sometimes do, simply declare existing money invalid and issue new money, or direct that a bank cease operations. I feel these discussions might go better if they were grounded in reality.

[dchill]

7. Thanks!

[NoSheep]

3. "We must take all the tax money governments have collected from the workers

and give it to the banks"

HOLY FUCKIN GOD, WHEN WILL PEOPLE WAKE THE FUCK UP????

[whistle]

5. Well, all that money plus everything else they have