By John Galt October 23, 2011 – 17:55 ET From SkyNews this afternoon: Greek PM: ‘Existence Of Europe Under Threat’ Thankfully they do not have a nuke plant on a major earthquake fault (do they?). The article by Robert Nisbet says it all in this quote: The Prime Minister of Greece has said the very “existence of Europe” is at risk from the debt crisis. After some intense reflection, the collapse of Rome did not destroy Europe, World Wars I & II, did not...
By John Galt October 23, 2011 – 16:50 ET As the evening progresses, the jokes, er similarities between the U.S. in 2008 and the Eurocircus keep on coming. The latest story from Reuters reeks of the morons in Congress debating the “TARP” fiasco and the only thing missing is one of the Euros to come out like W did and say words to the effect that the European economy “was fundamentally sound and still growing” or other idiocy. The latest hilarity: EU bank plan...
By John Galt October 23, 2011 – 15:50 ET Sigh. Just when you wonder when anyone else in the world of reality couldn’t take a mushroom or two (allegedly) and fall down the rabbit hole, like this guy: Along comes tonight’s entry for tomorrow’s print edition of the UK Telegraph by Ambrose Evans-Pritchard and what is either a disappointing sell out of his principles, or the results of smoking America’s winnings from the war in Afghanistan: World power swings back to America While much...
By John Galt October 23, 2011 – 14:50 ET Obviously the Eurocircus is getting desperate. In the old days of 2008, it used to be the simple story where China, Warren Buffet, or Goldman Sachs would buy out XYZ and rescue the civilized world causing the ES futures to spike 20 points on the open. Well, it is 2011 now and the days of the power and the influence of GS and the Orifice of Omaha has faded, so now its up to the...
By John Galt October 23, 2011 – 14:15 ET The Financial Times just broke a story which apparently solves the debt crisis for the United States with the U.S. Treasury floating the idea, er, tossing the poop against the wall, to see if the concept of issuing “floating rate” bonds. The problem with this idea is summed up in this one extract from the story: In contrast to normal fixed-rate Treasuries, which pay the same coupon throughout their lifespan, the payment to investors from...
By John Galt October 23, 2011 – 13:00 ET The news from the Eurocircus continues, with this beaut from Reuters just minutes ago: Banks raise Greek haircut offer to 40 percent in talks: source Uh, the Greeks themselves said they needed 60% at a minimum as did an IMF study so one more time, how does leaving the bill on the German taxpayer’s tab help this situation again? From the article: Politicians, including German finance minister Wolfgang Schaeuble have asked private creditors to Greece...
By John Galt October 23, 2011 – 12:30 ET The dangerous turn of events in the MENA region are being paid their obligatory lip service from American politicians such as Senator Lindsey Graham on FNC”s Sunday news program, but the reality is the failure of U.S. foreign policy since President George H.W. Bush to address the balance between freedom, economics, and geopolitics in the area. The so-called “Arab Spring” has yielded promises of elections and the majority of citizens fully expect that their wishes...
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