A Run On The Global Banking System--How Close Are We?

``[MF Global] means that regulators care more about protecting the so-called "Systemically Important Financial Institutions" than about protecting Ordinary Joe investors. It means that, when crunchtime comes, central banks and government regulators will allow SIFI's to get better, and let the Ordinary Joes get f'd. So far, so evil--but here comes the really troubling part: It is an open secret that there are more paper-assets than there are actual assets. The markets are essentially playing musical chairs--and praying that the music never stops.''