The above chart is fuckery at its finest
Short terms yields in Denmark and Switzerland are NEGATIVE, meaning you have to pay them for the right to lend them money. American yields are at record lows and the Eurozone is undergoing one giant bank run.
The markets do not reflect the severity of the situation.
This is as bad as it gets. The markets are tame because people believe QE3 or some bailout is around the corner. If we do not get either, bear with me as I prepare this next sentence: WE ARE GOING DOWN 5,000 DOW POINTS IN SHORT ORDER.
Rumors that Greece cannot secure credit to buy oil, are running rampant, and have been forced to secure it from large European corporations, with onerous conditions. Spanish and Italian credit is in danger too, which is why oil is tanking so hard. See, boys and girls, that’s what deflation does. Credit is non-existant and money becomes scarce. Food, oil and basic materials will not be delivered. Your local grocery store will not have food on the shelves, unless the government steps in and provides credit.
You’re all so frightened of Bernanke and his dastardly printing presses. Well, small pleb, prepare for death by famine if this shit is allowed to unravel.
NOTE: The James Gorman, CEO OF MARGIN STANLEY, interview on CNBC was a crock of shit and pretentious. He called Facebook ipo buyers “naive” if they thought they’d make money on day 1. What a fucking asshat.