A Roubini interview to start re-blogging:
Important to note the last bit: Going the way of Sweden, has some hope: Sweden took over the banks, hived off the bad assets, and sold the banks back to the private sector, and the economy recovered fast.
Going the way of Japan, which kept its bad banks alive, is a problem – they haven’t yet recovered. And yes, technically most of the top banks are insolvent.
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