Blind to a global banking disaster

Europe's politicians, like Australia's, have little grip on the real banking situation in their countries. And the market's belief that they'll wake up and flush the system with cash may or may not eventuate.

Too many political leaders around the world have very little understanding of how the banking system works. And, as I will discuss below, global stock markets gyrate between having faith in politicians to solve the European problems to utter despair of the political process.

The European political leaders concentrated on countries and austerity, not on the effects the actions taken in relation to this would have on banks.

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