Stacy summary: The thing to watch here is Greece as they are unable to secure much oil imports from any of the Western companies without sending cash first. Regardless, war is what the neocons apparently want and sadly it looks like we’ll get a far more expensive (read ‘lucrative’) one soon. UPDATE: Iran is now denying Press TV’s claim that oil exports to Europe have been halted (though it is still on Press TV’s website).
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Stacy Summary: Some RT footage on Spanish riots; some commentary on European wide protests
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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: Arguments for maintaining the current Credit Default Swaps market argue that the ‘markets’ should be free. Strangely, the threat of a real market exchange on which to trade these instruments gets met with howls of rage. If the entire market as it is at present is mired with fraud and betting against what only what a few insiders know is hologram paper based on fictional exchange rates and fake assets, then I say bring in the prosecutors, the exchanges and the light of day.
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Stacy Summary: Some headlines I am reading this morning. What are your thoughts in the stories?
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Stacy Summary: Lots of German bashing in the comments. And some Greek bashing. Hopefully we can discuss more economic issues surrounding how to get out of the massive trade imbalances that have marked the past few decades and also the fiscal issues of many of these governments having expanded their deficits when they transferred massive amounts of money to bankers by buying their toxic assets last year. By the way, I’m surprised Ireland is so high up on the trade surplus list; I wonder, however, if they are including all the US services that are then counted as exports?
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Stacy Summary: Interesting post on Zerohedge with a great chart. Of course the imbalances between who gives and who receives are built into the integration paradigm. Spain and Ireland were early beneficiaries of this through the massive European funds to raise the standard of their infrastructure to that of other European nations. But it’s good to see the relative charts because on an absolute level it looks like Germany, France and Italy receive the most, until you see how much they put in. And, I might also add, there is a very similar chart that could be made in the US. As there have so far been no calls for federal bailouts of any states in the US, it has not become an issue.
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Stacy Summary: Okay, go at it . . .
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Rick Ackerman
Karl Denninger – Market Ticker The Big Picture Mish David Morgan King World News SmartKnowledge GoldCore Michael Krieger’s libertyblitzkrieg
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