I told you the God damned Europeans would disappoint. They’re disappointments. What else did you expect?

As Italy tells the world to fuck itself, while Germany, Norway, and Finland insist no new euros will be printed, and France being desperate not to lose its credit rating, any hope of a real solution being offered tomorrow withers away.

Not that it would have made a difference anyway. The EU was bringing $600 billion to a $1.4 trillion + problem. That’s like a porn star with erectile dysfunction; not going to cut it in the film business.

Let’s say they agreed to backstop Italy’s debt, as opposed to actually bailing Italy out directly. Well, great, you know where that leaves Italy? Still needing to raise $1 trillion…fat fucking chance any bond trader in the private sector would be looking to pile into that situation.

“Hey asshole, how would you like to invest with me so you can lose 60% when I default in three months?”

In Europe, you’ve got four major countries and every single banking operation competing for limited financing. Yet I’m hearing people chant “well this is just like 1998.” HOW THE FUCK IS THIS LIKE 1998?

In 1998, we had some shit ass countries default on peanuts. That triggered massive problems with one major institution which was then bailed out by banks who otherwise had plenty of cash.

Here, we have four central countries defaulting on more money than they have in circulation combined, while their entire financial sector gets lynched by runs on their reserves.

But hey, keep buying stocks because you think the Fed is about to unleash QE3. It won’t change Europe and you’ll still lose.