Okay, having turned the corner only to see nasty, what is your natural reaction? Of course, you look back to see where from it is you have come. So explains today's trading.
Yet as Greece definitively shows, there is no going back. So, get ready. Rapid disintegration of everything European Union is waiting in the wings...
Molotov cocktails being thrown at police outside your national parliament is not the kind of testimonial likely to bring lasting stability to that piece of scrip called the euro. To wit, if this is Europe's idea of an effective military force suitable for backing a currency, then suckers even bolder than those who today find "value" in equities are the likes apparently willing to sacrifice even their national dignity to sustain the euro's empty — bankrupt! — promise.
Choking on tear gas, petroleum fumes and burning wood is the fantasy of the trans-Atlantic banking system's solvency these days. Given still massive systemic leverage permeating to no small degree even lenders of last resort, only the countdown to chaotic collapse is accelerated by an increasingly violent undertow whose spread throughout Europe is a virtual certainty. That the so-called troika is but exposed in Greece as 21st century speak for "fascist" represents an iron-clad guarantee.
One wonders the extent to which events presently converging venture a Great U.S. Discrediting. As if propping up a dead Ponzi scheme on the backs of sovereign individuals the world over were not bad enough — this while condoning destruction of the very institutions of government where, supposedly, every individual's democratic voice should have hope of resounding in effective policy — today we learn that, Al Qaeda in Iraq shares with the U.S. the same objective of regime change in Syria. You just can't make this stuff up! Yet this revelation's coincidence with a rapidly unraveling European situation — a hopeless cause, no doubt, but one which the U.S. Treasury and Federal Reserve both are committed to defending no matter the cost — is an eyebrow raising curiosity to say the least. Just how close we might be to an earth shattering calamity seems only the more certain probability in a world where blurred is the distinction between nation-less terrorists and the nation-state whose currency increasingly backs a dead Ponzi scheme.
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