Archive - Jun 13, 2012 - Blog entry

News & headlines from the day

False solutions in sight

Poetic justice...

So we now know that’s Spain’s political leaders will lie right up until the point of systemic collapse. We also know that both Spanish banks and politicians are highly incentivized to not quantify the true extent of the risks inherent in the Spanish banking system (remember, Bankia was discussing paying its dividend in April… just one month before it requested a bailout and revised its 2011 €309 million profit to a €3 billion loss). Thus, I would change the common phrase applied to the EU’s political/ financial policies from “extend and pretend” to “lie until you are about to die.”

The U.S. and Russia Are In a New Cold War ... And China May Join In

Halfway into the year, my warnings on the FIRE sector are starting to come into there own. The first look, banks and bank stock analysts!

Gold rose $11.40 or 0.71% yesterday in New York and closed at $1,611.60/oz.  Gold started out trading sideways in Asia and then edged up in early European trading.  

All you can read.

Testimony of Jamie Dimon: "Listen up you morons..."