Lagarde: “Banks must raise more cash.”
So, thank God for Mme Lagarde. Without her we might never have known that the world was in a “dangerous phase”.
“Banks must raise more cash.” It really is fatuous rubbish. Banks do not HAVE money except which people DEPOSIT in them. They should live with that. PERIOD. Why is the taxpayer now expected to bail out the banks YET AGAIN?
As for “saving the euro”, STUFF IT. It was a good idea but destroyed by lies, greed, arrogance and incompetence, none of which the culprits are apologising for.
Electing Lagarde as Head of the IMF was a disgrace – why is this a French fiefdom? As is of course Trichet at the ECB. Does anyone know if the ECB has a RIGHT to buy junk Italian debt? WHOSE MONEY IS IT USING?