We’re through another weekend, and unfortunately the global economy has gotten worse.
In fact, while the rest of us were exercising, doing yardwork, and relaxing with family and friends, Central Bankers were DESPERATELY trying to hold the dam together, expecting Helicopter Ben on Wednesday and the IMF/G20/EU on Friday to “save the day” with more MONEY-PRINTING.
Greece is in its’ final death throes before default (or the alternative, a hyperinflationary bailout), as the markets are screaming again today. However, despite the blaring cacophony around them, TPTB still maintain all’s well (accentuated with ANOTHER DEATH STAR ATTACK at EXACTLY 10:00 AM EST).
Remember, a Greek default AUTOMATICALLY will set forth a domino effect of credit default swap and sovereign debt losses, possibly yielding the END OF THE EURO, which in turn could cause hyperinflation in Southern Europe, which would of course spill over to Northern Europe and eventually the U.K. and U.S. due to the hopelessly entwined nature of DERIVATIVES.
Additionally, Obama is moronically proposing a “millionaire tax” to make sure the only people with capital to invest stop doing so, while estimates of potential bank balance sheet writedowns expand by the minute. And the Bernank is getting to live his dream of saving us from depression by printing unlimited money.
Let’s just see how that works out, shall we?