HowardSomething to Believe In- Maroon 5
Makes me Wonder- Maroon 5
The financial system is crashing, bankers are bashing;;
Their heads on the door, I can’t take no more;
East Asian dumping dollars if they can;;
But, I still can’t find the reason;
Why nothing was ever done before;;
What is the fear of going bankrupt;;
It could help for sure;; Crash is here and more;;
Something to believe in;;
But they don’t believe in dollars any more;;
MLEC is DOA;
It makes no difference to cry;
Free trade, this is goodbye.
The panic doesn’t change anything. We need to write off the offshore speculative paper, and issue new credit both in the USA and through new international efforts, to build infrastructure. That is roads, railroads, power plants, Maglev, nuclear plants, you name it.
"Central bankers, do something!" cries the Hong Kong-based Bank of East Asia's chairman, David K.P. Li. In an interview with Newsweek Nov. 9, Li makes clear that the U.S. mortgage bubble meltdown is now a full-blown bank crisis, and says, "The central banks have to come to the rescue. Basically, they should create something similar to the Resolution Trust Corp., which was established to deal with the savings and loan crisis in America [in the 1980s]. Today's problem is bigger." Li also fears the U.S. dollar crash collapsing China's economy. "My worst-case scenario is that the [Chinese] bubble bursts and a lot of people in China lose most of their savings," he says.
Li's reference to the Resolution Trust Corp. points toward a global attempt, by all the central banks, to come up with something like the "master liquidity enhancement conduit" (MLEC) proposed by U.S. Treasury Secretary Hank Paulson in early October, with the vain hope of keeping bad debt-assets from being liquidated, until they magically revive at some future point. But Paulson's MLEC has already been rendered "dead before arrival" by the ongoing forced liquidation of assets of the very bank investment vehicles he wanted to save. Anyone interested in some Chinese real estate. The market in Shanghai seems to still be doing well.
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