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Monday, September 12, 2011

Off To The Cardiac Unit Again Today

That's me and the Chief, for routine followup. But Europe is there too, and it could hardly be called routine.

The bottom line is that both Spain and Italy are due to flog sovereigns this week, and the ECB is going to have to buy, buy, buy!

Stark resigned on Friday. The Euro dropped against virtually all other major currencies, and some that aren't. Germany is sending up another member, but it hardly calms the roiled waters. In the meantime, this is all a bonanza for more fiscally stable countries. France is doing quite well, as is Germany, Austria, etc.

Update: 4.51% yield on Italian 2-years at the auction today. Spain has to go to the block this week, and I've got to wonder how that is going to come out. Maybe they should cancel it. French banks getting cut up badly.

PS: And no, the French explosion didn't happen at a nuclear plant. Real details, not very sensational.

You get the feeling that everyone is saying one thing
and doing another when it comes to Europe. At least
they know how to protest in Europe, not that is has done
them any good so far.
Spork - nor will the protests do any good, unless the Germans start marching in the streets demanding that the bailouts stop.

Protesting works when there are resources. It does not work when the wallet is empty.
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