04/11/2011

The Economic Police

By John Galt November 4, 2011 – 05:30 ET I thought this blurb from the Athens News this morning where they are tracking the crisis in Greece via their blog was fascinating: 4. TAX ARREST The managing director of an Athens-based company was arrested on Wednesday by economic police officers for major debts to the state exceeding 7.9m euros, it was announced yesterday. The 62-year-old was arrested at noon at his office and on Friday will be led before a prosecutor. Notice it did not say delinquent, although I am sure…


And another European Nation’s Banking Problems hit the Fan

By John Galt November 4, 2011 – 05:20 ET From Bloomberg: Denmark Signals Banks Won’t See More Rescues From the article by Frances Schwartzkopff: “Danish banks are in better shape than their colleagues in other countries,” Corydon said in an interview in Copenhagen yesterday. “We have had four bank packages, and now the sector is consolidating.” Three lenders have failed since February, leaving senior creditors in the lurch and cutting off wholesale funding access for most of Denmark’s roughly 120 banks. At the same time, property prices are set to fall…


11/4 U.S. Market Preview: Full Metal Jacket

By John Galt November 4, 2011 – 05:10 ET The front page from the November 2, 2011 edition of Liberation pretty much sums it all up: And the chaos continues this morning. The S&P 500 achieved the technical support level of 1254 yesterday but the rally was on thin volume once again. Each rally has less breadth which is a nagging indicator to me that any bit of bad news will probably drive the markets down rapidly and violently. Gold is still building on its old base and must break $1800…


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