Pimping Greek Debt and Other Nasty Garbage ~ The Risk Averse Alert

Monday, June 18, 2012

Pimping Greek Debt and Other Nasty Garbage


You have to hand it to the Street for the manner in which it is quickly addressing the issue of transparency, this that confidence might be bolstered in the wares it pedals. Pity conviction being elevated with confidence, though, is the view that weak hands hopelessly bankrupt and trapped have never been more obviously desperate in search for a bid on garbage polluting their book...


What is Hans Hume smoking? Let's see, we have Spanish debt (an order of magnitude greater than Greece's outstanding debt) trading at record yields, Italian debt similarly quaking (another giant mountain of insolvency pressuring the bankrupt EMU), anti-troika-memorandum political parties winning 60% of the vote in yesterday's Greek parliamentary elections, as well as no progress yet convincing Germany their Wiemar experience wasn't so bad (so why not live it again!), and to think Greek debt trading at 13 cents is comparable to Russian debt in 1998! Good lord, if I could take a dump in the middle of this post and put it up for bid, assuredly there would be more future value in it than anything Greece is offering (if not as a collectors item come the trans-Atlantic banking system's collapse, then simply as garden compost, which quite likely presents more benefit than Greek debt offers even at today's steep "discount"). Yet since I cannot physically crap all over this post, the next best thing will have to do. Take it away Jeffrey Harte...
Being fair minded, Jeff's perspective on banks and financials obviously pimps the same fantasy as that dressed up by Hans Hume. There's really no point ridiculing the living dead, though. The money that talked to the Euro Stoxx Banks Index covered at the start of the above segment said it all. Yet those who animate the living dead, like Hume and Harte, well, Frank Zappa has these scammers covered...
Well we don't get excited when it crumbles and breaks We just get on the phone and call up some flakes —Team Fraud Mantra
The part about a toilet blowing up notwithstanding overpriced, worthless advice is metaphor for poetic justice about to ruin today's purveyors of fantasy. We will know how hopeless is Team Fraud's cause following this week's G-20 failure to bludgeon Merkel into hyperinflationary submission. Fast Money
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