"Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper, as we were formerly by the old Continental paper.
It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs."
I think this coiling is almost done, and that we will see a move in the markets within the next two weeks, including stocks and metals.
We get the first look at Q2 GDP on next Friday. Economists consensus is 1.2%.
London Trader has an interesting interview at KWN.
After LIBOR Where Will the Next Scandal Come From? - The Independent