Courtesy of Mish.
At yet another useless G-20 meeting, Italy’s finance minister, Pier Carlo Padoan, made an official denial regarding the plight of Italian banks:
“There is no risk in terms of systemic stability,” said Padoan. Supposedly, everything is “contained“.
Praise for Lies and Useless Talk
The New York Times reports Group of 20 Will Use ‘All Policy Tools’ to Lift Growth.
Actually, the only policy tools central banks are likely to use are tools that have long-term negative consequences such as negative interest rates and competitive currency devaluations.
Also expect a bunch of useless yap about forward guidance that is nearly always wrong.
Philip Hammond, Britain’s new Chancellor, chimed in with a messages about uncertainty.
“What will start to reduce uncertainty is when we are able to set out more clearly the kind of arrangement we envisage going forward with the European Union,” Hammond told reporters.
