EUR

sorry, not banks, but government not only act as lender but also borrower.

a lot of bad news about chinese real estate maeket, but havent heard any crucial bad news.

the news about ghost city property price fall 6-70%, just followed by a good news local government will bailout ghost city. cuz they have 30% increase on revenue per yr, black money but from coal/crude/gas.

but rest local governments may not have money to bailout. however central goverment will have some policy about bailout, cuz banks not only act as lender but also borrower, should be able to cook it up.

anyway, rumour many billionaires dont have a mln cash at mo.

in china, the most important thing is meat every meal, so if no QE3, i cant imagine how to bring it down.

Although its grim, I'm afraid Bass is likely correct.

Only the USA and UK have recapitalized their banks. Remember, Germany has defaulted twice in the last 100 years.

If the euro banks collapse, the eurozone could lose 50% of its GDP. Next could be Japan, which has the worst financials and demographics in the world (at present, only a 2% interest rate rise on Japanese debt might be enough to cause a default) . The USD will likely sky-rocket. There would be a deflationary depression.

Thanks for sharing, Dave.

yes, interesting talk, Dave...guns and gold, eh?

I lost almost all my dosh in the snow removal business here in southwest florida...

Interesting if academic.
http://blogs.telegraph.co.uk/finance/jeremywarner/100013438/return-to-sovereign-currencies-wouldnt-be-as-traumatic-as-assumed/