I loved that speech. This quote from bloomberg took the...

I loved that speech. This quote from bloomberg took the cake:

"Many European banks ?obviously? wouldn?t be able to shoulder writedowns on sovereign debt held in their banking books based on market values, Ackermann said. Greek two-year notes traded yesterday at less than 50 percent of face value."

Its quite astouding to see such senior people say that many european banks are essentially knowingly trading while insolvent. Only their cashflow is saving them at the moment, so if that slows up...or theres a run on the banks because people dont trust their money there... they're dead in the water.

Going to cash before my holiday was one of the best things I did this year. Every single time I go on holiday to places its hard to trade from the market tanks (Sept/oct 2008, March/April 09, Aug/Sept 11), so this time I have learnt - get out before you go out.

BigDaddy you're lucky I havent been getting more holidays approved. I have a long weekend planned for late sept early october so watch out...