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WTF !! EXPERT : The trouble with Europe is they work 5 hours a day, nothing to do with a shortage of Euros !!

 
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07/12/2012 08:28 PM
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WTF !! EXPERT : The trouble with Europe is they work 5 hours a day, nothing to do with a shortage of Euros !!
[link to www.zerohedge.com]

Yesterday, when discussing the forthcoming implications of the Libor scandal, we said that in the barrage of coming lawsuits, "the entity that will be sued by proxy is the Federal Reserve, whose Federal Funds rate is really the setter for the baseline Libor rate." This claim came at an opportune time, just hours before one of the Fed's most vocal critics (and gold standard advocates), Jim Grant, appeared on TV to discuss precisely the same thing. Best summarizing his position is a cartoon that appeared in a recent issue of Grant's Interest Rate Observer in the context of Lieborgate, and who is really at fault here.

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