(DandelionSalad) – Chapter One of Vultures’ Picnic by Greg Palast + Palast: Put your money in community banks – Read More Here
(GoldCore) – Gold Over EUR 1,300 – On Way to ‘Infinity’ on Eurozone Contagion? – View More Here
(BusinessInsider) – Markets Are Melting In Response To Italy Implosion
Update 9:50: The Dow is off 270.
Upate 10:36: Here’s a look at who’s getting smashed in this selloff.
Update 11:04: markets have staunched the bleeding a touch. Dow off merely 250. George Papandreou is announcing his resignation right now.
Upate 1:23: After an attempt at a comeback, markets are deep in the red again. News that the Greeks still haven’t settled on a new PM isn’t helping anything.
UPDATE 1:57: Things are really getting ugly again, and we’re at the lows of the day. Dow is off 350. The bank stocks are getting lsammed. Both Jefferies and Morgan Stanley — two banks that have been seen as Euro vulnerable — are both off 7%. – More Here
(ZeroHedge) – Barclays Says Italy Is Finished: “Mathematically Beyond Point Of No Return” – Read More Here
(Zerohedge) – Visualizing Where The Pain Is: Summary Of Biggest Exposures To Italy
Yesterday’s Barclays report that Italy is past the point of no return was very prescient. As of today, nobody can deny that Italy is about to drag the entire Eurozone down unless the ECB can come up with a real plan to monetize the debt, as opposed to backing some retarded contraption such as the EFSF which only the criminally stupid eurocrats can conceive, and which even the perpetually optimistic market has seen right through at this point. In other words: print. Lots. So until Mario Draghi gets off the phone with the corner office at 200 West for instructions on how to best proceed, here is a visual summary courtesy of Reuters, of where the max pain is concentrated. Needless to say, we are all so lucky that French banks managed to sell off their exposure to unwitting bagholders who took the sticky EURUSD as an all clear signal, instead of what it was this entire time: a side-effect of EUR repatriation as French banks were dumping USD-denominated assets and shoring up capital.
(GlobalEconomicAnalysis) – Italy’s Bond Rollover Problem Dramatically Worsens; Yield Curve Inverts; 3-Year and 5-Year Bonds Yield Exceed 10-Year Yield – Read More Here
(AmericanEconomicAlert) – Is Italy Next to Fail and Will Gold Go to $3,000 an Ounce? – Read More Here
(LaiglesForum) – Remembering the prime cause of the economic crisis
Most Americans are puzzled and, of these, most are angry that Tim Geithner and Obama keep forking over our cash to a failing Europe via the IMF.
In fact, these politicians are some of the few who realize that the US Left actually triggered the world economic crash and therefore, in a sense, owes Europe and everyone else an apology at the very least. Read More Here
(RETeaParty) – Obama Couldn’t Wait: His New Christmas Tree Tax – Read More Here
(RussiaToday) – American economy deliberately allowed to fail?
The state of the American economy to some is no accident. There have been many key factors that have taken place to bring the American economy to where it is today. According to Donald Goldmacher, co-producer for the documentary Heist, it all started falling apart with a deliberate dismantling of middle-class prosperity, ramped deregulation and jobs being outsourced. Goldmacher joins us and gives us his take on who stole the American dream. Read the rest of this entry »