With roiling markets becoming the norm, anxious investors ask the obvious question. The answer, according to Michael Hudson: No. What do they fear? His answer:
Investors — especially in Germany, whose banks have been badly burned — are seeking to be safe from fraud and misrepresentation. U.S. banks and firms have lost the trust of large institutional investors here and abroad, because of year after year of misrepresentation as to the quality of the mortgages and other debts they were selling. This is Enron-style accounting with an exclamation point — fraud on an unparalleled scale.
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