Some how i missed this very important piece of news out of the ECB as reported by the WSJ. This proposed debt swap will dramatically change the European crisis…the bears are fucking dead.
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While the bull in the shop ignores the fragile China.
Keeping with the animal metaphors the bulls are ignoring the elephant in the room of ever expanding government debt needing to be serviced by a shrinking pool of workers.
Higher taxes on the shrinking work force drains capital from the market, capital that in healthy times is leveraged up. The “good” unemployment reading was an abysmal print for future government revenues as it shows the labour force is shrinking faster than expected. Now Greece is just an early victim of the uncompetitive wage, falling work force, unserviceable debt illness and no fancy shell and pea game of debt can hide the fact. The pea has been palmed by earlier generations and there is nothing under the shells.
who cares? the game is rigged. dance while the music plays.
Sweet. That will let us move on to the European Currency Crisis.