Lender of Last Resort at the Last Resort

http://www.reuters.com/article/2012/08/06/us-china-banks-idUSBRE87501T20120806

Viva La Bolsa

Spanish housing prices are down over 11% for the year and lending to the banking system is coming from, well, outside the banking system from the Eurosystem which, somewhere in the ether, is being supported by a dollar swap line from the US Fed whose balance sheet is a toxic landfill


http://www.creditwritedowns.com/2012/08/target2-replacing-other-sources-of-funding-for-bank-of-spain.html