Evening Thoughts And Question Of The Day

The market runs unabated... fundamentals have long ceased to matter, and technicals and momentum have taken over... all is based on the printing presses in Geithner's basement stuffing those duffel bags with brand new, sequential dollar bills... investors are searching for fool's gold: credit markets are improving due to the guarantees behind improvements in credit markets, not due to a reduction in risk... the government's intervention is now distorting asset prices across all categories... sovereign CDS widening represents the shift of credit risk from private investors to taxpayers... the pulling of governmental guarantees would be akin to an earthquake just as the house of cards is getting higher and higher... and the political risk tornado will destroy whatever it is the earthquake leaves.

In the meantime - question of the evening: who said these words?

"The government calmly goes on printing these scraps of paper, because, if it stopped, that would be the end of the government. Because once the printing presses stopped - and that is the prerequisite for the stabilization of the currency - the swindle would at once be brought to light. Believe me, our misery will increase. The scoundrel will get by. The reason: because the State itself has become the biggest swindler and crook. A robbers' state! If the horrified people notice that they can starve on billions, they must arrive at this conclusion: we will no longer submit to a State which is built on the swindling idea of the majority. We want a dictatorship."

Is the U.S. facing the same dilemma?