On Monday our congressional “super committee” will announce they are fucking idiots and cannot operate a government. Their task was to cut spending over a 10 year period in order to avoid being “the next Greece.” We aren’t in danger of becoming “the next Greece” until we have Japanese style debt/GDP numbers, in my opinion. Nonetheless, their failure to cut waste in government spending is just one more reason for you to stockpile guns and dry food.
Raising taxes in order to finance more government corruption is nonsensical. The people who tell you “rich people are getting a free ride” should fuck themselves. Last I checked, my quarterly estimated tax payments are more than most of those assholes annual salaries.
Europe is the joke that keeps delivering punchlines, accentuated by whimsical rim-shots. It befuddles me how this topic keeps dragging on. A few weeks ago it seemed the EFSF was the saving grace for all of the malcontents in Europe. Then Italian and Spanish yields blew out, causing alarm amongst those with short fuses. Remember, the ECB is interested in making money, not just saving their asses. It makes a lot of sense to allow Italian and Spanish bonds trade lower, in order to buy them up on the cheap. The problem with this strategy is the notion of contagion. People think this is getting out of control and have begun taking aim at France, due to French exposure to Italy. As a matter of fact, bonds yields across Europe, sans Germany, have been rising.
The ECB needs to decide on a definitive course of action. Either they unify under one banner and issue EU bonds or dissolve the partnership. The German leader, Merkel, seems only interested in her political viability and might just tell everyone to fuck themselves. Should this happen, the stock market will fall by more than 10% in a single session. If you were around for the “Asian Contagion” back in 1997, this will make that look like a calm tape.
The worst case scenario is so frightening, I try to avoid thinking about it. I have a bad feeling something terrible is about to happen and I am ill prepared to deal with it. I was very much prepared for this eventuality 3-4 weeks ago, but was shaken out of my bear trade with that unfuckingbelievable 1,200 point rally. With my recent luck, I will throw that trade on again and the Germans will decide to comply and fuck me again.
This truly is an untenable situation and I wish this shit would conclude already.[youtube:http://www.youtube.com/watch?v=CoOibAstPJ4&ob=av2e 603 500] If you enjoy the content at iBankCoin, please follow us on Twitter