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Friday, September 16, 2011

Brass neck of gargantuan proportions from the architect of our current economic woes

Gordon Brown fears euro crisis worse than Lehman as 1930s beckon.

Links Telegraph  (read the comments section, someone calls him "McBust" )

You couldn't make this up.........................

""The European banks as a whole are grossly under-capitalised: they have liabilities far in excess of American banks. We have now got the inter-play with sovereign debt because we socialised the liabilities," he said.

 "It has morphed into a sovereign debt crisis, and is more serious than 2008 because governments then could intervene to sort of out banks. Now both banks and governments have problems," he said."

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