RT's Max Keiser sat down with publisher David Morgan to discuss the turmoil in the repo markets,which are already flashing red sirens,and how banks that are desperate for cash may come to insolvency one by one.
Rt 的 Max Keiser 与出版商 David Morgan 坐下来讨论回购市场的动荡，这已经是红色警报，以及急需现金的银行可能会一个接一个地破产。
"If these banks,like JP Morgan or Deutsche Bank,are unable to settle trades because they don't have the cash…then when the end of the quarter comes they're gonna have to,by law,if there is the rule of law anymore,it's an open question,announce that they're insolvent.And therefore,they're gonna set off the cascade…and[it]will be the continuation of the 2008 crisis,but much much worse,"Keiser told his co-host Stacy Herbert as they delved into exploding"debt bomb"that the Federal Reserve is trying to cover up in the repo market.
" 如果这些银行，比如 JP 摩根 (JP Morgan) 或德意志银行 (Deutsche Bank) ，因为没有现金而无法结算交易 ...... 那么当季度末到来时，它们将不得不依照法律，宣布自己破产。因此，他们将引发连锁反应 ...... 这将是 2008 年危机的延续，但更糟糕， " 凯瑟尔对他的搭档主持人斯泰西·赫伯特 (Stacy Herbert) 说。当时，他们正在深入研究美联储试图在回购市场掩盖的 " 债务炸弹 " 。
The rapidly increasing intervention into the repo market indicates that there is"obviously some insolvency"in the system,warned Morgan,the publisher of The Morgan Report,which covers economic news.He explained that the banks are required to have a certain reserve of cash on hand and if they don't,they have to borrow overnight to meet this requirement.They may go to other banks to make their books square,but if other lenders turn them away,they have to ask the Fed as a last resort.
报道经济新闻的《摩根报告》 (The Morgan Report) 出版人摩根警告称，对回购市场迅速增加的干预表明，金融体系 " 明显存在一些资不抵债的情况 " 。他解释说，银行必须有一定的现金储备，如果没有，就必须通过隔夜借款来满足这一要求。他们可能会求助于其他银行以使账面平整，但如果其他贷款人拒绝他们，他们就不得不求助于美联储，作为最后的手段。
"That's kind of telling that[in]the banking system at large,no bank would loan to me,because I don't trust the bank that needs the money…So it puts some caution into the system,"Morgan said."So it's sort of the walk of shame to go to ask the Fed to borrow money when another bank or other banks won't loan to you."
摩根表示 :" 在整个银行体系中，没有一家银行愿意贷款给我，因为我不信任需要资金的银行 ...... 所以这给银行体系注入了一些谨慎因素。 " 。 " 因此，在另一家银行或其它银行不愿向你贷款的情况下，向美联储借钱，有点像是一种羞耻的行为。 "
Given that this could happen multiple times and because all the lenders are interconnected,the fall of one of the banks could cause a domino effect,like what happened when Austria Creditanstalt bank failed and initiated the Great Depression,Morgan said.