Things are upside down at the moment. Since ECB governs all
European states, the Euro is less subject to government
control and thus QE than individual currencies. As a result,
we see a few countries mini-blowups in Europe - Ireland,
Greece, now Spain. These are not emerging markets.
We are more broke than all of them, but less subject to
immediate risk of default, thanks to megaprinting effort.
So, the clownbuck bounces again on this and stocks/gold go
down.
That said, the biggest risk to the globe is... US! It is
quite surprising that so far Spain is unable to bounce the
clownbuck, and very telling. Dubai, Greece, Spain all cut,
and the dollar is where it was. It was supposed to bounce
harder on all this. We keep cutting our creditors like
we did in 2008, but now it has no effect. Chit is flying
toward da proverbial fan, imho.
Oh, and Japan already went.
zerohedge.blogspot.com
The rating agencies are cutting our creditors. Don't you
think they get pissed and quit lending us money? <GGG> |
