Risk markets are roaring out of the bell this morning, on the next wave of nonsensical hype that today’s 20th EU summit has solved European insolvency. More debt and even more debt will not work. Most repugnant is the agreement once again to further subjugate European taxpayers as their political representatives agree that bond holders will continue to enjoy preferred-creditor status on crisis loans ahead of taxpayers. If there is any doubt as to who these politicians see as their true constituents, this agreement further reminds us–it’s the banks, not “we the people”.
This is another in a long line of efforts to save banks ahead of the real economy as taxpayers are thrown further and further under the bus. And that recession that is now underway around the world? More debt and more cuts to the real economy to support fake balance sheet values in banks will only extend and deepen our global downturn. Tomorrow we suffer more, but today apparently, we dance. In more relevant news, this morning we see that US consumer confidence sunk further in May, now at the lowest point since last December.
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Could it possibly be month end…quarter end. You can set your watch by it. Collusive political regimes controlled by the financial cabal come out with a few meaningless words to pump the month end numbers. Nothing new here.
Fascism….”It promotes the use and primacy of regulated private enterprise and private property contingent upon service to the nation, but where private enterprise and private property are failing, inefficient, or unable to fulfill fascist goals, it supports the use of state enterprise and state property in those circumstances.”….Wikipedia
Maybe, but if they let the banks go,… a lot of taxpayers will lose TOO! Maybe they have been put between a rock and a hard place!
Is modern capitalism sustainable? by Kenneth Rogoff.
Kenneth Rogoff is a brilliant Harvard professor and the International Monetary Fund’s former chief economist; he and co-author Carmen Reinhart are somewhat dubious about capitalism’s future.
Prof. Rogoff says there are no alternatives for now to the ‘dominant Anglo-American paradigm’ … History may teach that all forms of capitalism are transitional, but the best economic system for now—in the face of no other viable alternatives — is “today’s dominant Anglo-American paradigm.”
http://www.project-syndicate.org/commentary/is-modern-capitalism-sustainable-
Here, here! Yes, more stockpimping as usual. The end of the quarter ‘pimp’ is sooooo obvious. Yeck. Needless to say even Investors Daily has signaled a BRAND SPANKING NEW follow-thru day. Ho hum. Like the last two faker-flops meant anything. Let them eat their cake, its a SOLVENCY CRISIS!!!!!!
Everybody is so happy and elated about ObamaCare and the Unaffordable Health Care Axe here in America that they are all out in celebration for our Fourth of July yet they don’t quite get it that signals the END of their independence. In two years, the worlds almost finest medical system will start to erode at exactly the time most will be needing it. May Justice Roberts live long enough to see the damage he caused, and could have prevented.
All great civilizations make it about 200 years. Time up!
Hope is not a strategy!
http://www.thedailybell.com/4042/Mike-Mish-Shedlock-EU-News-