CAC is now negative for the day.
It’s not just Spain and Italy. German, French, Austrian and other sovereign yields are spiking sharply, pan-europe.
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Stick a fork in those clowns.
uncertainty abounds.
Let us know when it’s time to nibble on Yuro Pee On shares.
Knustler summed it up yesterday:
With the kind of aplomb characteristic of a waiter lifting the silver serving dome to expose a roasted goose, Europe has looked deep into its organs of finance and produced 100 billion E-bucks for the ailing banks of sad-sack nephew Spain. Where did all that money come from? Out of Europe’s ass. That is where all new money comes from these days: an international diarrhea of money. Maybe that is why the great nations of the West feel like shit.
They are not likely to feel better if they keep shitting money all over themselves. Rather, they will end up sitting in the gutter in Chinatown being laughed at by Chinese businessmen passing by on the sidewalk. The Chinese businessmen will glance down and say, “Look, here are the clowns we used to see at Davos, Switzerland, every year eating foie gras. Now they are pathetic crack-heads beshitting themselves.”
This is what comes of pulling money out of your ass. Sorry to be so graphic but it is not a pretty story.