There is not a day that goes by without finding out some information that brings to the forefront the bond created between the banking sector and the state. The latest such information was provided by Bloomberg showing that in 2008 US banks borrowed 13 billion USD to survive. This was secret information until made public Bloomberg after a lengthy legal battle.
Now, the information is interpreted in various ways. The most prevailing one is saying that this is how a lender of last resort should act and should be a lesson to the ECB. I beg to differ. Continue reading