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Having re-read the last update I think WE did a poor job explaining our understanding of the significance of Basel III last midnight.
As WE have written about previously, the banks have trillions and trillions of dollars worth of "off balance sheet" entities and "assets" hidden from public view.
This is basically high liability garbage rather than actual "assets".
Because of Basel III they will never ever be able to bring this junk "on the books".
Never lay it off on the taxpayers via bailouts. Never lay it off via the myriad methods of fraudulent finance they have been using.
They must account for it which makes them immediately bankrupt and causes them to close their doors unless relief is found immediately.
Our funding, as potential deposits in their banks, is one possible solution for them and the reason they are bringing pressure on OBAMA to deliver.
Hope this helps clarify. This is our understanding which WE are getting from Bankers.
                    casper  #2  clarification