Volcker Rule Penalizes Foreign Debt
Leave it to the bozo Democrats to create a piece of legislation fraught with potential danger. It seems the Volcker Rule, which would prevent banks from prop trading (using their own money to take risk) applies to all sovereign debt except....wait for it...US Treasuries! Why? Because the US is so in debt that OF COURSE we want our banks to load up on it and make bets on interest rates. But the debt of foreign countries, some of which may soon be better credits than the US is TOO RISKY, so we have to prevent banks from owning these securities.
During times of stress this type of moronic legislation could create a liquidity crisis. The Canadians are not pleased. I suggest that other countries ban their banks from owning our crap paper. That would teach Obozo and the other clowns in DC who supported this piece of garbage.
http://www.theglobeandmail.com/report-on-business/us-financial-reforms-pose-risks-to-canada-carney-warns/article2314788/
During times of stress this type of moronic legislation could create a liquidity crisis. The Canadians are not pleased. I suggest that other countries ban their banks from owning our crap paper. That would teach Obozo and the other clowns in DC who supported this piece of garbage.
http://www.theglobeandmail.com/report-on-business/us-financial-reforms-pose-risks-to-canada-carney-warns/article2314788/
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