Global Shadow Banking System On Fire and We Get This Guy…

TND Editorial:  Eric Dubin

Central casting couldn’t dream-up a better image to fill the role Schaeubler nails.  Seriously, and his bite is just as bad as his bark.  Just ask Alexis Tsipras, the Prime Minister of Greece (might have to wait for Tsipras to rise from a supine position).  But Schaeubler also brings to mind the old saw about something not being true until an official protests with strong denial.  He’s a Central Casting twofer.

I was an odd teenager.  I saved really cool newspapers.  Well, at least I thought they were cool.  For example, I vacuumed-sealed the entire front fold issue of the New York Times and Los Angeles Times during each day of the Iran-Contra hearings.  Charming, huh?  But hey, I also saved great papers like the 1987 Stock Market Crash, the entire 1984 Los Angeles Times Olympics papers, World Series and other greats.

It’s with that spirit in mind that I took the above “screen shot” for posterity, because, despite our digital age, or rather, given our digital age, it takes something like the above to register against humanity’s cave wall long enough to file and be remembered – if only for a nanosecond.

In any event, could we not have asked for a better “official denial” than the roll-out of Schaeubler? The global shadow baking system is laboring within an ocean of derivatives and securities products that could very well impair and outright implode balance sheets of financial services companies and make what happened in 2008 look like a warm up act.  It was a warm-up act.

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