NO, THE EMPEROR HAS NO CLOTHES
by Egon von Greyerz
MELTDOWN
For anyone who has been reading our reports in the last few years it comes as no surprise that the banking system is crumbling. In the last week we have seen AIG being nationalised, Lehman go bankrupt, Merrill Lynch swallowed up by Bank of America and HBOS bought by Lloyds TSB. The week before Fannie and Freddie were nationalised.
We have been warning investors that the banking system is bankrupt and have named all the above names and some others as being vulnerable. So finally the world has realised that the Emperor Has No Clothes. What is happening now is not surprising. What
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