Friday, October 24, 2014


…and for we, our quietus make with a bare can of Boddingtons.  Best beer ever.  Good footie starting this evening.

It was quiet today but with the continued Ebola scare and ISIS attacks all over the place, not to mention the release of the Euro "stress test" on Sunday, next week could be a bit volatile.  There have already been leaks which seem to indicate that some 25 banks have failed but apparently few ever heard of by anyone.  That could be a good thing but it will be very important to try to figure out on what basis the quality of assets is being judged.  If Bank A is found with a gazillion Euros of Greek sovereign debt and that is given a credit weight of zero, there's trouble afoot for any omniscient observer.  The depth of disclosure as to the rational and tests used is far more important that the bare, or even enhanced comment as to the results.  But I'm not going to speculate.  We will know in 48 hours and unless Billy the Dud does something else really stupid in that time period, that will be Monday's subject.

Have a great weekend.

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