Fed Downplays Bank Crisis As Another Bank Teeters | Jim Bianco
Forward Guidance
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The Roadmap to a Debt Ceiling
The credit default swap market isn't what you think it is for non politically charged corporations and stuff like that. If Bed Bath and Beyond, which two weeks ago, files for bankruptcy, files chapter 11, and then says that they're not going to make their debt payments, I don't need a lawyer on the determinations committee. That is an event of default. It's very simple. But when you get to nationally important banks like Deutsche Bank or countries like Greece or potentially the United States, these become highly politically charged things. The whole system grinds to a halt. Everything stops. You would be introducing in pure plumbing system into the money system because we are sending money back and forth
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