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I'd like to nominate Hank Pauslon for originial gangsta, 2008: he broke the SWF's and saved the US economy.
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Re: Hank Paulson, original gangsta!
Phirang,
You've been dancing around saying Paulson has broken the BRICs - but I fail to see why the boxing match is considered over already.
The BRICs - Brazil and Russia at least - are completely different animals than India and China.
If oil prices hit $60 again, then I'll concede your view.
But it is still very early - and the events of the past few days are only stressing to the rest of the world that the US does not indeed have anyone's well being in mind but a few banksters.
I've also pointed out that - other than the few large 'domestic - international' companies, most individuals and companies in Russia don't rely on loans.
A massive stock market collapse certainly is bad for those DIs, but it is very unclear to me that it would affect the overall Russian economy as much as a credit debacle in the US will.
Furthermore while the SWFs have taken losses in their investments to date, the problem is that the US - like any other addict - needs more. More. MORE!
And so whatever the jabs and pokes Paulson hands out, eventually the need for foreigners to extend more credit still arises.
That dynamic has not been resolved still, although the 'vig' is growing as we speak.
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