I have never been particularly admiring of Gordon K. Brown of the UK. After all, he is/was a politician. No longer in office, apparently he chooses his words less carefully and more honestly. Zerohedge captured these two quotes of Mr. Brown’s. They are, as Brown might himself say, “spot on:”
“In 2008, governments could intervene to sort out the problems of banks. In 2011, banks have problems, but so too do governments.”
“We’ve now got the interplay between banks that are not properly capitalized and sovereign debt problems that have arisen partly because we’ve socialized or accepted responsibility for the banks’ liabilities.”
An interesting question: If the banks have drawn sovereign governments down to a financial condition similar to the banks, where does the next fix come from?
That is the big question around the world. Who or what is left to ride to the rescue next? The answer of course is no one, no one except the man who owns and runs the printing press.
