BlackRock sees the seriousness of the Greek bankruptcy situation when they compare it to the Lehman collapse. It was the flushing of Lehman that was the accelerating event of the Western World’s banks (OTC derivative) melt away, not down.
If the Dark Side can break Greece, using Germany, propaganda and the rating agencies as the tools, it will be open season on six of the weakest countries debt next. More depends of the resolution of the Greek situation than Greece and the euro.
This has to be payback time, simply as voyageurs, when a popular US personality broke Asian debt in much the same way.
Weak and strong is defined as debt versus GDP as a percentage. Then comes the dollar because of its outrageous (for a major currency) debt to GDP as a percentage position.
Save Greece, and the West advances at warp speed towards a form of Western world Weimar. We are damned if we do, and immediately damned if we do not.
BlackRock may be betting on the spread of "Extend and Pretend" regarding Greece. This is the most shocking time in the history of fiat currency. This is the ending phase of the floating exchange system as we know it, and all of it was arranged by the Dark Side for profit.
The sheeple sleep on.
BlackRock Says Greece Is No Lehman, Buys Its Bonds
By Anchalee Worrachate
Feb. 12 (Bloomberg) — BlackRock Inc., the world’s biggest asset manager, increased its Greek bond holdings, betting the European Union won’t allow the nation to default as Prime Minister George Papandreou cuts the bloc’s biggest deficit.
The company has a so-called overweight position on Greek debt, holding more securities than allocated in its benchmark, even after Standard & Poor’s, Fitch Ratings and Moody’s Investors Service cut the country’s credit grades in December. The fund may continue with this strategy for “some time,” said Michael Krautzberger, co-head of European fixed-income in London, after EU leaders pledged yesterday to help Greece regain control of its finances.
“They won’t allow a Lehman-type crisis,” said Krautzberger, who helps oversee BlackRock’s $3.35 trillion of assets. “The market has worried too much about an imminent government default in Europe that will not happen because of the solidarity.”
Lehman Brothers Holdings Inc. filed for bankruptcy in September 2008. A government-led effort to rescue the securities firm proved impossible, according to former U.S. Treasury Secretary Henry Paulson.
German Chancellor Angela Merkel and her counterparts pledged “determined and coordinated action” to support Greece’s efforts to regain control of its finances. They stopped short of providing taxpayers’ money or diluting their own demands for the country to cut the budget deficit.
Jim Sinclair’s Commentary
This has tell you how bureaucrats live in some special lala land
The oldest tradition in Pakistan is tax evasion, and the use of public service money as a road to personal riches.
Treasury Wolin: Pakistan Must Raise Taxes, Retool Power Sector
FEBRUARY 12, 2010, 11:22 A.M. ET
WASHINGTON (Dow Jones)–U.S. Deputy Treasury Secretary Neal Wolin on Friday said the Pakistani government must raise taxes and "maintain momentum" with restructuring the country’s electricity sector.
Wolin’s comments were made in an opinion piece that was published in Friday’s Business Recorder, which is Pakistan’s First Business Daily.
"No one likes to pay taxes, but with …