Woe is unto the world. It doesn't know whether to shit or go blind. The rule of law has been replaced by Murphy's Law. The story in Greece gets more and more curious. One of the latest proposals is to ask holders of Greek bonds to go along with a voluntary rollover, meaning we will pay you on Tuesday for a hamburger today, even though we already owe you for ten years of weekly hamburgers.
Odd how the financial innovation never ceases. This last great new idea: that bonds never really have to pay off, will do wonders for the bond market everywhere. People will clamor for bonds that come with no clear terms and probably no redemptions. Now, the buzz around the cosmic meme-sphere is saying fuggedabowt Greece, we're gonna do the same thing with Portugal and its sillyass bonds. Enter China.
Europe is about to enjoy the greatest monetary Chinese fire drill ever staged. Wen Jiabao will wave a magic wand and the Euro will fly above mundane reality on dragon wings allowing everybody in Greece, Portugal, Spain, Ireland, and Italy to hold a senior management job at the motor vehicle bureau with retirement at 53. Then, with 80 percent of their former pay, they can open cafes where people still working at the motor vehicle bureau can spend the better part of each afternoon sipping Ouzo and arguing politics, finance, sports... or just enjoying the antics of the boorish German tourists.
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