There's not much shining in the pile of wildly overpriced garbage listed on the NYSE...
Just like that has one measure of the market's underlying condition blown through space lending time to further placate a herd of hope-filled players holding on for dear life to "cheap" stakes but some unknown trillions of hyperinflationary happiness away from gaining mass recognition as incredible stores of "value." Never is the question raised, asking whether stocks are "cheap" because the physical economy is collapsing on account of hyperinflationary bailout. Rather, hope is maintained that, somehow, someway, massive imbalances throughout the financial system and physical economy will be resolved, with systemic threat laid to rest now that it is flood season at central banks on both sides of the Atlantic.
Yet here at the dawn of the age of core debt write downs — the stuffing behind all derivatives-laden credit securities Team Fraud can no longer inflate — central banks are only the more exposed insolvent. The very reason for the hyperinflationary happiness of the past few years has been to avoid this moment! One look at the mountain of crap the Fed and ECB have taken onto their books at a time when hedging exposure of the far larger mountain of similar crap yet to be absorbed by central banks is become increasingly problematic — this in proportion to the decrease in qualified securities with which to synthesize hedges — and an accelerating push for "euro bonds" (or "Jovian bunds" for those still hopeful NASA will discover benevolent, extraterrestrial life willing to backstop planet earth's lenders of last resort, and do so with far less resistance than Germany is putting up) is what we can expect from the stable of bankrupt monetarist monkeys and corrupt, warmongering hypocrites over days and weeks ahead.
No more or less a non-solution than the hyperinflationary madness of the past few years, the push for some new AAA-rated security with which to continue the scheme all too likely will require a crisis just like that which began this insane nightmare. If there is anything we can conclude about today's world, diplomacy, both in the financial and political realms, is on its last legs. Crisis, therefore, is more and more looking a sure thing.
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