Once you realize the only two paths left both end at the same destination, then the only rational action is to move your cash out of euros and the doomed banks, and liquidate your euro-denominated assets into some other currency as fast and as furiously as possible.
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Stacy Summary: A good day for those who haven’t been screeched out of their positions. I for one am hanging onto my gold and silver until these currencies finish their collapse. It doesn’t matter if they drop by 50% from here, at the end of a day in the not too distant future (perhaps this week in the case of the euro), all these currencies are going to ZERO. If I got screeched out of my position due to some anonymous screechers on youtube and the comments section, I’d be pretty pissed off, too . . .
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Stacy Summary: The spin today is that the long term average for Euro is 1.18, so today’s EUR/USD chart is a-okay.
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| From MaxKeiser.com Images |
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Stacy Summary: Please note that the ‘euro will be dead’ prediction comes from ‘leading economists’ and we all know how well their predictions on the forever bubble went; regardless, the second NYTimes article goes a bit further in explaining what is happening with our financial systems. There is too much debt. It is mathematically impossible to pay these debts and, so, like all Minsky moments, nobody wants to be left holding the bad debt parcel. The liquidity crisis is caused by the solvency crisis.
**UPDATE**:
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Stacy Summary: Another bellyflop (Tues)day.
5 day EUR/USD chart:
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| From MaxKeiser.com Images |
A few hours later . . .
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| From MaxKeiser.com Images |
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Stacy Summary: h/t @marietta for the verbiage!
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Posted in Headlines
Tagged asia market, bankers, euro, eurozone, finland, france, germany, monetary union
Stacy Summary: The almighty market speaks. And it says, “Aaaarrrrggggghhhh!!!!” I think we are going to need some new words for ‘tumble’ and ‘plunge,’ getting a bit overused these days.
UPDATE:
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Stacy Summary: Or you could say the euro is crashing. Gresham’s Law.
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| From MaxKeiser.com Images |
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| From MaxKeiser.com Images |
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Stacy Summary: We look at the scandals of perfect trading days; PIIGS flying only to fall to earth five minutes later when markets realize the Euro-Tarp ‘rescuers’ are, in fact, real bankrupt debt pigs; and Max Keiser explains high frequency terrorism in the Manchurian candidate markets. In the second half of the show, Max interviews post-neoclassical economic philosopher Damon Vrabel about the European bailout, the financial empire and the IMF, and how the right kind of republic can provide some solutions.
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Posted in Max Keiser Video
Tagged bailouts high frequency terrorism, damon vrabel, euro, euro-tarp, keiser report, vigilantes
Stacy Summary: Love the bankrupt giving each other advice . . . Obama encouraged European leaders to ‘act boldly’ ala Bush/Paulson with the TARP-like program? And, by the way, aren’t US debt levels worse than Spain’s?
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Stacy Summary: I always love it how over the past two years, markets grow euphoric on any state intervention in the market. Probably a good time to offload some euros in the next few days . . . (btw, if you have lots of euros, I would buy German assets for when the euro currency dissolves; you might want to be converted back into Deutsche mark rather than franc, drachma, peso or lira).
UPDATE(S):
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Stacy Summary: Good morning, y’all. I found a better photo (via Huffingtonpost) of the “Peoples of Europe Rise Up” banner. Two of our major themes as we laid out in our first Keiser Report of the year are in the headlines this morning – sovereign debt crises and currency volatility. There will be many more mornings like this before the year is out. Anyway, how are things where you are at?
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| From MaxKeiser.com Images |
In Paris, I see no sign of Depression or Recession with ordinary people, but huge quantities of commercial real estate are suddenly becoming vacant in the 8th and 16th near our office. Nearly every day sees another 800 or 1500 square meters open up.
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Stacy Summary: Notice the casino language, ‘wins’ and that a ‘loan’ can be called ‘aid’ in this new casino-gulag age.
“This is a huge amount,” said Stephen Jen, managing director at BlueGold Capital Management LLP in London and a former IMF economist. “This is more than a bazooka. They have gone nuclear on the issue of Greece. In the short run the market is short Greek assets so we’ll get a rally in those.”
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Rick Ackerman
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