|a French thinker of not so long ago|
- It is time for creditors throughout the developed world to finally take the write downs that have long been coming their way in connection with the trillions of dollars of truly un-payable household and sovereign debts that resulted from the credit bubble of the 2000s. Yes, this will pressure lenders and, yes, they will need to be recapitalized to the detriment of their existing stakeholders. But there is presently no shortage of capital seeking reasonable risk-adjusted returns, and I have every confidence that it will flow eagerly into the financial sector—if only the balance sheets of our institutions were honestly reckoned by having the currently unrecoverable carrying value of assets written down to that which can be recovered today from borrowers and/or underlying collateral."
Hasta la vista, sista. Y los hermanos tambien.