The Market Ticker
September 13, 2011
There’s really not much more to say than this….
Value
1,577.42
Change
593.840 (60.375%)
Open
1,577.42
High
1,577.42
Low
1,577.42
Source: Bloomberg (click link above)
No, that’s not a stock. It’s the CDS spreads on the PIIGS (composite), and is up an astounding 60% today.
It’s over folks, despite the protests of BNP, which reacted in predictable fashion to a WSJ “opinion piece” this morning:
‘We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore,” a bank executive for BNP Paribas, who declines to be named, told me last week. “Since we don’t have access to dollars anymore, we’re creating a market in euros. This is a first. . . . We hope it will work, otherwise the downward spiral will be hell. We will no longer be trusted at all and no one will lend to us anymore.”
The bank denied it, of course, and the source “declines” to be named.
So what’s the truth?
It’s simple: We’re all Greece.
4 Responses to “We’re All Greece”
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Planned obsolescence, as they say. That means something that should work was engineered to break, making it necessary to repurchase the product time after time.
Same philosophy applies to economics. We are seeing the results in bas relief. Didn’t think it would happen in your lifetime? Surprise!
Still, do stock up on food and water. We aren’t allowed to even grow our own veggies without supervision from the NWO lackies in D.C.
We’ll always have access to dollars. They just won’t be worth anything.
This is true in the sense that the electorate of the western democracies have utilised democrcay to embark on a line of Greek rationalism, via their governments and the international banking system, that made it possible for the electorate to benefit from goods and services without the need to do any meaningful work. This is akin to the Greek tragedy of Forbidden Planet, in which the Krell discovered how to realise anything that they wanted without the need for instrumentalities, but catastrophically succumbed to the darkness of their minds. So yes, we’re all Greeks now.
They just keep chasing their own tails, don’t they?