They say to every rule is an exception. They also say talk is cheap. These past two days are the exception to this latter rule. Talk has been dearly precious for a banking system stuffed to the gills with insolvent garbage. The "walk" following cheap talk streaming from trapped Europeans pledging support for their euro scrip, and this at all costs, lies in wait and is certain to be a killer.
Indeed, CNBC's Rick Santelli commenting on the Count's reckless banter yesterday really hit the nail on the head...
I always refer back to Alan Schwartz's appearance on CNBC two days before Bear Stearns was devoured by JP Morgan Chase in March 2008. The fact the firm's CEO was publicly swearing up and down that, all was well presented a huge red flag.
Ditto our present day's incompetent (fascist!) central bankers and treasury officials. Their backs against the wall scrambling to defend an indefensible arrangement long after the horses have bolted from the barn, all miserably fail the credibility test much the same as did Schwartz in '08. These, too, in all probability are equally poised to fall. Desperately feigning control over a hopeless situation the proverbial bell rung at a major turning point is sounded. That very few hear it is so Ecclesiastes.
Shrieking tools lend the more reason to believe, then, that garbage whose stench has been covered with claims impossible to back with any substantive action both stabilizing and lasting soon enough will be stinking to the high heavens.
It was the wrong kind of certainty, to be sure, on Friday, June 29, 2012 that last brought such a decided imbalance in conviction that, a bright future awaits securities at the bottom rung of the capital structure. Today's instance demonstrated a certainty whose religion is faith raised by European political marionettes piling on central bankers pledging to do all in their power to protect the euro. "All," that is, except insist on a credible debt restructuring, banking system reorganization (Glass-Steagall) and massive investment in physical economy to make up for disinvestment over the past forty years. Francois and Angela Schwartz instead expressed their willingness to allow Brussels (capital of the New Third Reich) to continue its role as puppet master of the silly fascist show where "political capital" invested in the EMU can be brandished like Damocles sword to satisfy the Fuehrer's demand the euro remain intact, that more lifeblood and property be stolen, er uh justly expropriated as price for profligacy.
Although it might have seemed everyone today was buying into Mr. and Mrs. Schwartz's power trip, a notable number of stocks apparently have seen their access to the trough right outside the rumor mill blocked over the past month (a story told by revenue shortfall a la hyperinflationary breakdown of the physical and financial economy)...
Now, the NYSE Composite Index did in fact trade today above its intra-day high of Friday, June 29th, as well as above higher highs reached on July 2nd and 3rd. Today's high also exceeded that reached on July 19th. So, seeing no expansion in joy on account of today's political approval of the Count's determination of yesterday that, the Reichsbank will do whatever it takes to save the euro, we have a market ripe for letdown by way of a hyperinflation sensitive Bundesbank remaining steadfast in its opposition to issuing the ESM a bank license.
Yet supra-national financial dictatorship requires this! Why else would Team Fraud's media keep putting lipstick on this pig? As we know from the 2008 experience, the Fuehrer is not averse to inflicting excruciating pain in order to secure the New Third Reich's objectives. The market's weakening internals over the recent period — this on top of the same over an extended period more or less since March '09 bottom — set up for circumstance aiming yet again to dutifully serve tyranny's perverse pleasure.
It's in the context of this not-so-far-fetched view of contemporary affairs throughout the trans-Atlantic that one really must gasp at the U.S. Treasury Secretary's performance this week in Congress. Having watched his appearance before the House Committee on Financial Services on Wednesday, an administration in deep trouble was evident. Not that anything exchanged during questioning revealed this. Rather, the many certain, sordid realities raised by some members of the committee have a way of positively smashing Tina's view of things, particularly in defense of Dodd-Frank.
Yet no serious challenge of his Swiss cheese-like edifice rationalizing this "reform" ever charged the air. Of course, this would require thinking like an American, rather than imperial putty. No doubt, Congress is a serious problem for increasing numbers of world citizens being reduced to cattle status. All the more so knowing the Fuehrer has made great strides amidst this state of affairs. The way remains paved, then, for more lifeblood and property to be stolen, er uh expropriated as price for our still unresolved, prior profligacy. A [bad] bank license granted the ESM in the process but icing the cake. Lord knows one treasonous Treasury Secretary will do nothing but lend his thoroughly corrupt blessing. And if he should be hung, then what about this one:
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