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Most famously, Milton Friedman wrote about it very prophetically almost 20yrs ago.

Very bad things...

Firstly, innocent until proven guilty. But if it's true, it's easy to hide stuff, if you come from middle office, which both he and Kerviel did.

Are you referring to me here? What did you tell me two years ago? What's the Humpty Dumpty reference about? Are you calling me fat :)?

Whatever you say. Nah, don't think so... It seems that contemplation continues, occasionally interrupted by an insightful post or two.

No.

This HKD reval story has been a recurring urban legend for a good long time now... Interesting to see a relative newcomer (although quite a sophisticated investor, I am sure) getting on the bandwagon.

I know and I am with you... I am not one of the people who "knew it was doomed all along". You can actually trace my progression from a Euro-optimist to a Euro-skeptic on this board. One thing I can say for sure. If the story below about Bunga Bunga Boy is true, there is really no hope :)...

Yep... To be sure, the rate is punitive (by arnd 75bps), so if you have to do bazillions, you're not gonna be a happy camper. But BNP doesn't have bazillions of USD assets on its balance sheet any more. Proof's in the pudding: the latest result of the 7 day ECB USD tender showed that two...

Are you just comparing the Q1-2011 numbers?

What have you been saying all along?

The Euro was created first and foremost to foster peace in Europe through increased economic integration.

Yep, I am in tune, for my sins... I have said a few times that I have become increasingly skeptical. To be honest, at this point, I don't know what to think any more. The situation is so messed up that anything can happen. All I can tell you is that I strongly believe that the odds of a...

I am not defending the Euro and I am not b1tchy. I just HATE sloppy journalism.

Well, the author of the original WSJ article has produced a sensationalist bombshell, quoted an "anonymous" source without verifying the facts of the matter, made a number of erroneous claims and misrepresented rresearch findings to bolster his argument. I would say that that's what's most...

What are you talking about? Didn't the author of the WSJ piece misrepresent the findings of a research paper that supposedly illustrates a point that he was making? Isn't that smth you'd call a "factual attack"?

Who said Spain has relatively low debt? Its stock of sovereign debt going into the crisis was relatively low (like Ireland), but that's misleading. The aggregate debt of the sovereign and the banking system is very high and they're running a budget deficit that's almost as bad as the Greeks'.

This article is bullsh1t, for a variety of reasons. Lots of factual errors in it. See here for one explanation: http://fistfulofeuros.net/afoe/why-you-shouldnt-trust-the-wsj-piece-on-bnp-paribas/ Moreover, there's all sorts of ways for BNP to fund in USD and it's not going to affect...

It's an educated guess, based on some indirect evidence... How 'bout 'em apples?

They're parked on the bid at 20 and 06...