You people are denser than concrete. “The Thickness” runs strong with you. It is your birthright, apparently – to be gullible as shit.
It is fascinating, trying to guess how many times announcing and re-announcing the same thing can get you suckers to throw your life savings at an ailing confidence scheme. For the entire second half of 2011, they just kept saying “EFSF” and every time, they managed to run the indices higher by a few percent at a time.
The damn thing isn’t even properly funded.
If the EFSF is going to be used to bail out failing banks, then what’s going to be bailing out those failing countries?
I thought that’s what the EFSF was for? Now they’re using the few hundred billion they managed to gather (allegedly) to save their banking system? Oh, but this doesn’t impair their ability to backstop Spain at all.
Never mind that the only victory these clowns managed to secure in three years is about to become victim of “The Bank Run”.
And Lenny Dykstra is going to pay you that ten grand just as soon as the Gretzky house sells. And his mortgage. And his pilot. And his staff…
Face it. This fund was already overcommitted, and now it has another trillion or so of liabilities it needs to backstop. Can you pronounce “flaccid” for me?
But I know better than to fight. Just as soon as the morning lulls get out of the way, I’m out of ERY, to cash. I’ve already got my silver, and APC purchases. I’ll be 80% long inside of a few hours. Sure, I can play along. I can give you the breathing room and indifference to let you hang yourselves.
This is going to fail SPECTACULARLY. But your misplaced enthusiasm means that failure is months away again. Just like the LTRO convinced you to spend your life savings chasing sovereign yields that ultimately cost you dearly, your faith will buy you suffering once again.
But don’t worry. After the default, I’m sure Spain can make you whole again just as soon as the Gretzky house sells.