By John Galt
September 22, 2011 – 04:55 ET
The headline from Bloomberg speaks volumes as to the ignorance of the world’s political elites:
Unfortunately for the ECB, Western economies, and those married to John Maynard Keynes behind, this does not create the one thing Greece needs:
A bankrupt nation is just that and all of the wage cuts, benefit cuts for retirees under age 55 (ugh!), and promises of future economic growth within a nation which has a totally invalidated economic model will do nothing to cure the problem. The banksters have blown a fifty year bubble and the consequences of this have arrived. To paraphrase a quote from one of my favorite movie’s, Full Metal Jacket, they have created a poop sandwich and we’re all going to have to take a bite out of it.
Meanwhile the Greek 1 Year Bond equivalent per Bloomberg has calmed all the way down to a yield of 133%:
Needless to say, economic collapse in PIIGSland is on the way….