End game Europe approaching.


#291

German minister wants to break the oligopoly of the rating agencies.

Someone should tell him the horse has bolted.


#292

market-ticker.org/akcs-www?post=189463

Denninger likes it, some classic comments too.

This is getting SCARY :exclamation:


#293

ftalphaville.ft.com/blog/2011/07 … e-default/

Mr Barroso might want to remember that Fitch is French… perhaps they have stopped being europeans, though?


#294

Forget about Bilderberg and tin foil hat time, these guys are a fucking menace. Their primacy and unaccountability, as well as the barriers to entry to what they do make them a dangerous fly in the ointment. Given their role in the economic farce of the last decade, it is incredible that they carry such credibility.


#295

Well, they are only providing advice. Investors can choose to ignore them if they want. But obviously they do have credibility despite recent indiscretions.


#296


#297

What DO you do for a living, WGU?
Your stuff is always sharp (and funny)!


#298

That pretty much describes what I do!

I’m a classically trained clown assassin.


#299

“What’s the point of having a rapier wit if I can’t use it to stab people?”
— Jeph Jacques


#300

:smiley:


#301

Italy and Spain must pray for a miracle - Ambrose Evans-Pritchard -> telegraph.co.uk/finance/comm … racle.html


#302

Superb work (yet again) WGU.
I’m sure Banksy would approve.


#303

€1093.6 to buy one Troy ounce of gold this morning.

A record high for gold or a new low for the euro if you want to look at it that way.


#304

Those ‘cash for gold’ places will be delighted!

Seriously though, I think this just exposes the weakness of all the major currencies.


#305

zerohedge.com/article/guest- … lt-its-own

Some very good numbers in there.


#306

I reckon they’re including the irrelevant (apart from corp. tax) IFSC banks to get to these numbers.


#307

#308

Our level of savings as a percentage of GDP is above that of other PIGS. Perhaps Noonan is right, maybe we are hoarding too much money.

I think we’re all setup for end game this Autumn/Winter. The outcome seems binary to me. Either Germany will follow the muddle-through option of monetizing the debt of PIGS, or else they will pull up the drawbridge and force periphery nations out of the Euro. At this stage, there’s a lot to be said for a two tier Euro. Ireland would have some kind of greater stability (and commonality) in a currency union with Greece, Spain, Italy and Portugal.


#309

At least we could still go to the sun without having to change our money!


#310

businessinsider.com/castilla … z1Ro8jEw4w