Not sure I'd say I'm a fan, reading inversions at the moment, Excession was brilliant, not really sure about the rest.
OCP is a much better term than Black Swan in my view, so I use it.
Ludwig
The 1930's was primarily a policey disaster, rather than a financial one.
Germany is repeating the error, whereas we have done much the same we did in 1992 following white wednesday.
The German plan cant work, because Germany is wrong about the cause of the problem.
http://www.telegraph.co.uk/finance/fina ... y-law.html
The German solution is a Debt Limit of 60% of a deficit limit of 3%
Prior to the crisis, Ireland had a public debt of 12% of GDP, 48% under the limit (germany was 22% OVER the limit at the same time) and spain had a budget surplus of 2% of GDP, 5% under the limit.
Thats like argueing all ships must have at least 3 water tight compartments, after the titanic with 10 sank.
True enough, and getting out of this will require wealth confiscation on a biblical scale.There is no substitute in the long term for genuine wealth, and all bankrupt countries have to face, sooner or later, the consequences of their bankruptcy.
Either liquidation turns the debtors into little more than indentured servants, or inflation pauperises the elderly.