While I have been proposing to quarantine the Financials from Day One, a US nationalization of their "toxic blood" sounds absolutely horrible. Yes, Jim Rogers is right; this is "Socialism" for the rich!
Well, we have seen no details yet and let's give the friends the evil Wall Street a chance to show their innocence.
What is at stake is not only the future of US but also all people on earth particularly in those countries holding USD assets as reserves. The costs and losses of the US nationalization will be borne by all of us! Our HK dollar that is still pegged to the US dollar will eventually sink with USD! We are backing the US dollar by the assets and value of a Chinese city, namely, the Hong Kong Special Administrative Region of China! I think our Central Government in Beijing must have a say in deciding on the fate of the toxic blood of Wall Street.
I am certainly relieved to see the rally in the markets today but this does not we are to sacrifice everything to buy a temporary relief! The drama in Wall Street is good enough to justify endless printing of money but not good enough to justify US nationalization.
Suddenly, the ending in George Orwell's Animal Farm looks exactly what we are seeing now. Who is the human? Who is the animal?
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