Wow.Just came back from a glorious Seder dinner. One of the goyim (non-jews like me) was a thirtyish mathematical wizard who had a made a fortune as one of the geniuses who developed the models underlying the "financial instruments of destruction," the non-regulated cut and diced risk layered bond pools.He was contrite and horrified over the destruction, and very explicit about the failure of regulators to enforce the laws that he had tried to model.Conversation turned to the ongoing erosion of the Spanish banking system. One third of the 12 attendees (all expatriates except 2, although some expatriates were born on Mallorca of ex-patriate parents but are still not "native"), including me, had had telephone service cut off today because the local Bankia branch had closed and failed to correctly manage the transfer of scheduled payments by depositors to vendors such as the phone company and other utilities as part of the shift of accounts from the closed branch in our town to another branch. Cyprus and the future of the euro dominated discussion.Not one person (and 3 are significantly wealthy) any longer has over 50K euros on deposit in Spain, and only two had significant cash wealth anywhere in Europe. When we discussed the Seder notion of a movement from Egypt to Promised Land, from slavery to freedom, from chaos to order -- well, the European Bank kept popping up as Pharaoh.david fb
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