PIIGS, Banking, Multi-Axial Chaos
Plot sovereign creditworthiness on the X-Axis—and aggregate bank credit worthiness on the Y-Axis—and what do you get?
From beggared Greece to boring Sweden.
(I mean that as a compliment to Sweden. Banking is supposed to be boring. Sorry Greece)
Lately, banking has been very exciting.
Exciting like a twelve car pileup on the interstate.
Banking used to be boring.
It was: I promise.
But that was long ago. Pre-GarnStGermainGrammLeachBlileyDismantlesGlassSteagall.
Now, banking is a spectator sport.
Watch an old movie sometime. One made before the nineteen-eighties.
Bankers were boring guys. A bunch of starched shirts. A facile metaphor for all that was stodgy and dull.
Now we have Gordon Gekko.
Ain't life grand?
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