Seriously alarmed. Ambrose-Evans Pritchard, Telegraph.
says world on brink of disaster if England forced into situation of having to default on its debt, which is a position it may be forced into if it nationalizes its financial institutions and all their trillions of $s of foreign liabilities, which are twice the size of the entire British economy
three from John Hempton at Bronte Capital on the way he views nationalization should be pursued when necessary:
A slogan for the new administration: nationalization after due process,
Luigi Zingales has it right, and
Buiter's modest proposal.
Roubini predicts U.S. losses may reach $3.6 trillion. Bloomberg.
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