phil from Edmond

U.K. Recovery Just a Mirage

Now compare this to what Britain did after WW1. The US was the lender then, now it is presumably China. The US was the emerging manufacturing power then, now it is China. This is a replay of the run up to 1929. Hopefully the "best and the brightest" have this figured out and the exit strategy.

Keynes said "in the long run we are all dead". At least he is.

Economic Crisis: Good Luck Europe, You'll Need It

Thanks for the article. The AIG credit default swaps are interesting. In the 2007 annual report for AIG the credit default swaps to the European banks were expected to mature or discontinue within 18 months as the European banks reached Tier 1 capital requirements by other means. Is there anything you can add on the exposures the CDS covered.