End game Europe approaching.

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

Someone should tell him the horse has bolted.

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

Denninger likes it, some classic comments too.

This is getting SCARY :exclamation:

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?

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.

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

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

That pretty much describes what I do!

I’m a classically trained clown assassin.

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

:smiley:

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

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

€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.

Those ‘cash for gold’ places will be delighted!

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

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

Some very good numbers in there.

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

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.

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

businessinsider.com/castilla … z1Ro8jEw4w