Plot sovereign creditworthiness on the X-Axis—and aggregate bank credit worthiness on the Y-Axis—and what do you get?
Image Source: ft.com
Well, you get a slope you could ski down. Just check out this chart from the Financial Times. (Click hereor on image for full size)
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.
Twice.
Ain't life grand?
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