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		<title>Click, Clack, Click: The Sound of Falling Dominoes Behind The Door of the Eurocalypse!</title>
		<description>Discuss Click, Clack, Click: The Sound of Falling Dominoes Behind The Door of the Eurocalypse!</description>
		<link>http://boombustblog.com/reggie-in-the-news/item/5746-click-clack-click-the-sound-of-falling-dominoes-behind-the-door-of-the-eurocalypse</link>
		<lastBuildDate>Wed, 22 May 2013 22:06:24 +0000</lastBuildDate>
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			<title>John Ryskamp says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/5746-click-clack-click-the-sound-of-falling-dominoes-behind-the-door-of-the-eurocalypse#comment-9625</link>
			<description><![CDATA[Reggie, what you don't understand is that the oligarchs have already abandoned power. Power is in the gutter, it's hanging on a tree. Nobody wants it. Remember what Napoleon said when someone asked him how he came to power. He said, "I picked a crown out of a gutter and set it on my head."\ And that's were we are now: you will be surprised to learn that power is in a gutter, or in Richard III terms, it's hanging on a tree. Know what I'm talking about? Probably not. The fact is, the United States Government has conceded that the West Coast Hotel v. Parrish-United States v. Carolene Products "scrutiny" regime, is over. They've sent several smoke signals about this during the past few months. The most recent one just occurred--Bill Clinton telling banks they ought to write down mortgages. You think this didn't come at the behest of the United States Government? It did. Know what it means? Of course you don't! It means that housing, in the view of the UNITED STATES GOVERNMENT--which supposedly had discretion over housing policy and to which deference was due with respect to housing policy--has ITSELF decided that housing enjoys a higher level of scrutiny than that afforded by Lindsey v. Normet. Intermediate scrutiny? Strict scrutiny? What does it matter? What matters is that housing now enjoys a higher level of scrutiny than minimum scrutiny--in the view of the Government which supposedly has a power interest in keeping housing at minimum scrutiny. If that doesn't tell you something, you're an IDIOT. Ask any lawyer, judge or law professor, what it means for the distinction between "social" and "political" facts, between "positive" and "negative" rights, when housing enjoys a higher level of scrutiny than minimum scrutiny. They will tell you straight out, "It means the scrutiny regime is dead." Know what their next question will be? "Well, if housing enjoys a higher level of scrutiny than minimum scrutiny, why not medical care, education, employment, transportation.........." See what I mean? The dike has been breached, and the waters of justice are flowing across the land. Hooray!!!!!! The question, now that power is in play, is, what is the doctrine of the regime which succeeds the scrutiny regime? Didn't know power was up for grabs, did you Reggie? Well, what do you think carnival barkers like Ron Pau, the Olin Foundation, Moveon.org, and every other shadow government, is doing now? Trying to move from the wings to center stage. There's OBVIOUSLY a lot going on, about which you know NOTHING. Well now you know.]]></description>
			<dc:creator>John Ryskamp</dc:creator>
			<pubDate>Sat, 02 Jul 2011 16:03:21 +0000</pubDate>
			<guid>http://boombustblog.com/reggie-in-the-news/item/5746-click-clack-click-the-sound-of-falling-dominoes-behind-the-door-of-the-eurocalypse#comment-9625</guid>
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			<title>ReggieMiddleton says:</title>
			<link>http://boombustblog.com/reggie-in-the-news/item/5746-click-clack-click-the-sound-of-falling-dominoes-behind-the-door-of-the-eurocalypse#comment-9593</link>
			<description><![CDATA[if you remember my rants concerning the EU's "Delay & Pray" strategy of classifying these sovereign junk bonds as hold to maturity assets marked at par, you realize that there are hundreds of millions of euros of losses sitting on bank balance sheets RIGHT NOW, levered much more than 10x to 15x times. These assets are also currently going down in value, not static or rising. This means that not only are their gaping holes in the balance sheets of European banks all over that everybody seems to be ignoring, those wholes are being ripped wider and wider as time goes by. Well, if Greece does default or restructure (and the market is telling us that Reggie is right in that this is a foregone conclusion), then... http://boombustblog.com/images/stories/thumbnails/media-wpmu-uploads-blogs.dir-1-files-2011-04-image0012-426x400.png The chart above illustrates what would happen if Greece were to restructure to the point where it would come into compliance with the Maastricht Treaty. Of course, if Greece were to do such, it would not happen in a vacuum. You see, if Greece were to restructure than all of those banks who were playing "Hide the Sausage" would be forced to come clean and mark all of that bad debt to market. Germany would lose a full 23% of its tier one capital, and Germany is the number one economy and banking system in the EU, formerly thought of as untouchable!. Hey, hold on... It gets better. Not only do other periphery countries hold Greek debt that, if properly marked or defaulted on, would tear a hole through their domiciled banks tier 1 capital... They countries would most likely face extreme rate pressures in addition to internal socio-political pressure to default on their obligations as well as their tax paying populace undergo extreme austerity measures, mostly to save banks and bondholders. This is a pretty tough sell, even for the best political minds. So, what happens if Portugal and Ireland decide to default/restructure as well??? http://boombustblog.com/media/wpmu/uploads/blogs.dir/1/files/2011/04/image0013.png]]></description>
			<dc:creator>ReggieMiddleton</dc:creator>
			<pubDate>Sun, 19 Jun 2011 15:15:22 +0000</pubDate>
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