As always, extend and pretend, while not one economist or politician has provided any answer to the real question that needs addressing: how will marginal treasury revenue, be it in Greece, in the EU, or in the US, increase in light of massive and neverending end-consumer deleveraging, and a bubble that is set to pop in China, taking away trillions in virtually free capital with it. Today the crisis just went global, yet we bought ourselves another 6 months of imaginary time in which the surface will be calm but ever greater disconnects between valuations and fiscal realities, not to mention monetary distortions, will develop, ultimately all resulting in an unraveling on a historic scale.
I will continue to be amazed if the German people allow the hijacking of their strong credit rating by official global financial con-men, but it appears it may be so. It's going to be an interesting few days as PIIGS bailout talks continue.
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