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QE has been to recapitalise the banks by the back door. Because even after the 'bail out' the level of toxic debt they ALL hold is massive. even now the banks a hugely exposed, this is the elephant on the room that all QEasing governments know. The ONLY solution is to let them fail. And they will. Next crash TBTF can Foxtrot Oscar. Then the party begins.
First I disagree with Zero Liability, now I find myself agreeing with PurpleGorilla. This is turning out to be one hell of a day!
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