Many moons ago, when I traded the Italian lira, whenever it devalued, the market always started to speculate which currency would go next. Sometimes it happened, but sometimes it did not. A similar game is being played out now with financial institutions.
I’m baffled about what there is to be gained in the long term by attacking bank after bank. If it is true that the short sellers are aggressive hedge funds, ultimately they will find out that their credit will also dry up.
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