Monday, September 05, 2011

OK, That's It. No More Monies For You!

Dig this.
The MSCI All-Country World Index sank 2 percent at 4:31 p.m. in New York. Banks led the Stoxx Europe 600 Index down 4.1 percent in the biggest two-day slump since March 2009. Italy’s 10-year bond yield rose 27 basis points in the longest sequence of gains since the euro’s debut in 1999. The German bund yield fell to a record low of 1.84 percent. Rates on two-year Greek debt exceeded 50 percent for the first time. Gold futures jumped 1.4 percent. Standard & Poor’s 500 Index futures lost 2.3 percent at 6:24 p.m.
Emphasis mine, but I'm not sure why I bothered.

50% interest rates on 2-year government bonds.


(I blame the Tea Party, George W. Bush and Racism.)


Mostly Nothing said...

I'm often wondering what is the reason for the Germans to stay in the EU? There seems to be no upside for them to be there.

K T Cat said...

They can't escape without a lot of pain. They're trying to avoid the trauma of reconverting their currencies. If they even tried to do so, the new currencies of the profligate countries would devalue to the point that would be the equivalent of debt defaults anyway.

They were screwed when they shackled themselves to these toads.

Secular Apostate said...

You forgot to blame hurricanes and earthquakes.