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8 comments:
Spain plays high-stakes poker game with Germany as borrowing costs surge
"Spain has upped the ante in a high-stakes poker game with Germany, pushing for the release of EU stress test results for major banks in a move that risks precipitating a dramatic escalation of Europe's financial crisis....
Jose Garcia Zarate, credit strategist at 4cast, said Madrid is powerless at this stage. "There is absolutely nothing the Spanish government can do to get their message through. They have lost all market credibility and nobody is listening to them any longer," he said.
Mr Garcia said the country is in a "Catch-22" situation. Madrid has slashed public wages by 5pc this year in a show of discipline, only to find that the markets have now moved the goal posts and fear austerity will choke recovery.
"My view is that it would be suicidal for Madrid to use the rescue fund. The moment they pick up the phone and start talking about this, it is the end of any remaining hope for the single currency. Spain's government just has to put on a brave face, pay the higher yields, and hope for the best," he said."
Europe, it's an Ugly Contest. Hey, look at that familiar name in the comments.
The market went up yesterday and I expect today it will go down just like the tides go in and out.
ZH; "Why Does Everyone Believe Spain Is About To Run To the EU/IMF For Help? It’s Math, Not Speculation"
Reggie Middleton breaks the Spanish Bond situation down by the numbers, and it is Ugly, with a capital U.
"The EU Denies Planning Spain Credit Line with IMF, US, although rumors and leaks are propping in more places that a Swiss damn being plugged with a bunch of slender, fair fingers of those many blond maidens – after all, Greece did not want and was not looking for aid either. That trillion dollar bailout fund was the result of a bunch of politicians with too much money on their hands having absolutely nothing else to do with their time."
Consider instead Neo that there is no debt.
I just want to type this here because I've never felt more at peace as a trader, more sanguine, more confident. Never more sure, never less worried. An epiphany!
I can now see the future. The manipulation this past few days has been nothing short of eye-opening and dazzling. The sheer audacity, pomp/hubris and outright fraud perpetrated in the name of a supposedly free market is mind-FREEING.
Be sure to watch Jim Cramer ranting GAINST Tuesday's "rally"...
The dollar WILL go to zero, maybe sooner than we expect. Trash will surely be trash again, commodities and precious metals WILL go the other way. We won't "get rich" with them but we'll be proportionately better off than the paperbugs.
To me, it is undeniable that GOLD IS MONEY. I'm now sick of hearing that goldbugs are "one trick ponies", that "you can't spend gold at 7-11", that "apples and oil are money" and similar old jokes. Gold is the one piece of this worldwide puzzle that can actually eliminate debts. 'Nuff said.
So, I just WAIT. I don't know the timing of these events but I know now they are a certainty. I'm a buy-and-holder still. I don't pay any attention to the noise of the "free" markets or the manipulated paper gold price, other than to notice that the latter permits me to buy physical bullion cheaply.
The course of sovereign debt, of government spending, of cheap money, of manipulated interest rates, and the PROBABLE future of mass joblessness, civil disorder, wars and savage government responses are now clear to me. As is the slow and continuing slide in living standards of the population as a whole.
Just the timing waits to be seen.
Taxhaven I am right there with you.
I think almost everyone who reads and comments here owns some PMs.
PM’s are good to hold. It is good to be skilled at technical trading. Learning to live frugally is an excellent idea.
But going forward from here, in the direction we appear to be headed – these are only a few of the tools which prudent individuals should have under their belts.
Becoming skilled at making objects, fixing things, and growing food are also talents which just might pay nice dividends in the future.
Mammoth I couldn't agree more. One day we may have to exchange services within a co-op type environment as opposed to cash. I don't think that will happen soon as cash is still king.
Miners up again today as the rest of the market lists sideways. I still think that Jim Rogers will be right in the long run and commodities will be the place to be.
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