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Market recap: Stocks bounced off losses after Italian PM Monti said most leaders at...
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Thursday, May 24, 2012, 4:10 PM ETMarket recap: Stocks bounced off losses after Italian PM Monti said most leaders at the EU summit backed joint eurobonds and he'd push Germany to support them (good luck with that). Earlier, talk that China’s biggest banks may fall short of loan targets was driving stocks lower. The euro tumbled to a 22-month low near $1.25; crude oil eased back above $90. NYSE losers slightly outnumbered gainers.
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Yep it is very likely as was. 2nd day in a row of major "stick saves" at the close. Such were very common in 2010 & 2011 on about 25% of all trading days. But were not as necessary with QE & OT on. Now that Fed easing is off the table for now, they are back to the "stick save" strategy again.
With that majority, Germany MUST be forced to do the right thing, or they can leave the Union as well, full stop.
* (This would actually be a good idea, as the weakest (Greece) and the strongest (Germany) leaving would help create balance among the "new core" of France / Spain / Italy / Netherlands.)
Germany's constant finger waving, and lectures focusing on their "pseudo" moral superiority and "masterful austerity", are starting to bore the rest at these summits. Germany is widely known as the hindrance to the EU / ECB.
Who will pay to save Europe?
Why the FED of course, Did you really think it would be Germany? Carrying 9 Trillion in Government Debt (accounting for 80% of EU Total Debt), they (Germany) are hardly fit to lecture anyone about finance.
FED has already have given out Trillions to EU Banks who could never dream of servicing that debt, (taking "no collateral" loans), FED will start calling the shots sooner than you think, (like they aren't now, right?)
See GAO FED Audit pgs 130-131.
I don't understand Germany's anger though.
Surely, with all that talk of "austerity", they (Germany) MUST have set aside a few hundred Bil Euros from the money they bled out of the periphery over the last ten (10) yrs, or? C'mon "Supersavers", show us the money, where is it?
I mean seriously, preaching all that "saving" and "financial discipline", where's the money they pilfered, through predatory export tactics from the periphery?
Not keen on discussing that are they?
We keep hearing about "the economic steam train called Germany", but it sounds to me like it's jumped the track, OR..... it was all a lie, as I have been reporting since March 2010.
Germany starting to run away from the fire, that they themselves have set. Not like it's the first time either, having themselves been reset to zero (0) no less than four (4) times, and walking away from tens (10's) of trillions in debt, leaving others to pay their debt for them (US / UK).
Germany clearly the trigger to this impending collapse. Adjust your investment strategies accordingly.