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Will March Be This Year's Cruelest Month?

Tyler Durden's picture





 

Knight Capital has released a sovereign roadmap Catalyst Calendar which is a must read for anyone who trades with more than a 15 millisecond eye on the markets. And while everyone is now focused on what is going on with the Chinese tightening regime (with expectations of two-three more liquidity tightening steps over the next several months) with much speculating over just how priced in all this is (not much if one looks as the Bombay Sensex or even the SHCOMP for that matter), the real focal point should once again be on Europe. The reason: March is coming fast, and March will likely be the cruellest month for Europe, and possibly for the stock markets, and serve as the catalyst to introduce QE3 in all its glory.

Why March?

From Knight Capital...

March Madness -Political Risk Is High and Rising

  • Funny thing about democracies is the feedback loop between electorates and national policy
  • Policy risk remains tethered to national, and even regional political risk across the European Union
    • Higher risk within coalition governments
    • Breakdown of coalition (i.e. Ireland) can lead to snap elections and uncertainty around policy action
  • Two primary sources of political risk as it relates to the Euro sovereign crisis
    • Stressed states (periphery Europe) lose the electoral support to carry out reforms, trim deficits, and curtail debt
    • Core Europe or payer states (e.g. Germany) lose electoral support to bail out Peripheral Europe or debtor states
  • EurozonePolitical Sound Bites:
    • “We believe that Ireland may be left with no option, in the absence of a renegotiated deal, but to write down the value of the bonds in the Irish banks or face the prospect of a hugely damaging sovereign default”
      • Fine Gael, Irish Opposition Party, February 2, 2011
    • “62% of [German] voters oppose further bail-outs of weak euro members….”
      • The Economist, January 13, 2010
    • “49% of Germans would like to have a return of the D Mark”
      • YouGovInsitute, December 26, 2010
    • It may be “useful for the €440 billion European Financial Stability Facility to buy government bonds”
      • Jean-Claude Trichet, January 26, 2011

Showing this visually:

The biggest concern: the refi cliff that is coming in March, in parallel with 3 Germal regional elections:

What is the deux ex machina proposed by the ECB? Why, the EFSF, which in our opinion is nothing less than a debt spiral. Luckily, Knight agrees (partially)?

And while sentiment on Europe has largely normalized lately, the truth is that nothing has been fixed.

Key Takeaways:

Primary catalytic events revolve around two key themes

  • Slippage on fiscal reform in the GIIPS
  • Popular (read voter) revolt in both the adjusting countries (e.g. GIIPS) and/or the paying countries (e.g. Germany)

Volatility should remain a defining market characteristic in the coming year as policy action attempts to simultaneously address

  • A sluggish economic recovery
  • High unemployment
  • Record levels of fiscal imbalance

Our question: just how many double POMOs will Brian Sacks release in the end of February and beginning of March to "buy" all of these incipient problems? Find out tomorrow at 2PM...

Full Knight presentation

 

 


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Wed, 02/09/2011 - 19:12 | Link to Comment mynhair
mynhair's picture

Tomorrow, tomorrow!  It's always tomorrow....tomorrow is only a day away.

Bitchez!

There is no 'down'.

Wed, 02/09/2011 - 19:21 | Link to Comment In Fed We Trust
In Fed We Trust's picture

Dear Tyler,

As a big fan of yours, I want to know your opinion on a hypothical situation.

If the US were to default, wouldn't the FED that is holding the MBS bag and an increasing share of Treasaries, have legal claim , ownership of the real estate at the bottom of the MBS bag of bullshit? And claim to US infrastructure , as a result of the bag of Treasaries they are holding?

The Fed encourage us to bloat out Freddie and Fannie Mae in the 70s and 80's. Now they are bailing us by buying all those properties. Kicking the can the road, while they get paid commission fees.

But ultimately when the dollar collaspes, or US default, they will be holiding the assets for the forign banks that they really represent?

So, Bernake may not want default this minute, (raise the debt ceiling, NOW) but the FED has planned(ENDGAME)0 for the US to default,

and if needed they will raise interest rates to make it happen.

In comes the currency/system/chip

And meet the new land lords.  Same as the old Land lords?

 

 

 

Wed, 02/09/2011 - 19:26 | Link to Comment mynhair
mynhair's picture

Though I am not Tyler, and never played him on TV, I would say: how fast can the Bernank & Co. run from the mob of torches and pitchforks?  You seem to believe there is Law that circumscribes behavior...

Wed, 02/09/2011 - 19:31 | Link to Comment In Fed We Trust
In Fed We Trust's picture

Bernake flys off in the chopper while the media spins it as you guys couldn't figure out your fiscal/ budget issues.

Or you guys didn't change the TAX CODE in time.

Or the war , or the Chiense dumped their Treasarys,

Or Wiki Leaks.  Plenty of scape goating.

Or you guys didnt raise the debt ceiling.

90% of Americans will not know the true enemy, even after they have been captureed.

Wed, 02/09/2011 - 19:37 | Link to Comment In Fed We Trust
In Fed We Trust's picture

Futher more, as heard on the Bernake testimony today, German, French and Swiss banks were given TARP money.

What is wrong with this? Forign banks getting paid because they have local addresses?

To the bankers, soverignship does not exist. As a country, you are just another borrower or corporation.

But the spin/blame will always be bak to the nation/state and their policies.

Thu, 02/10/2011 - 01:05 | Link to Comment snowball777
snowball777's picture

Who wants to own a giant pile of burning domeciles?

Tue, 03/08/2011 - 22:04 | Link to Comment themosmitsos
themosmitsos's picture

While I disagree with a lot of what u said, I like your thinking. Well done :)

Tue, 03/08/2011 - 22:05 | Link to Comment themosmitsos
themosmitsos's picture

While I disagree with a lot of what u said, I like your thinking. Well done :)

Wed, 02/09/2011 - 19:04 | Link to Comment buzzsaw99
buzzsaw99's picture

If Germans would get with the program and btfd maybe they wouldn't be so angry all the time. bitchez.

Wed, 02/09/2011 - 19:16 | Link to Comment Bigger Dickus
Bigger Dickus's picture

Dude, the Germans are the some of the biggest sheeple in Europe. As a jew, I find them to be disgusting. Same goes for the Zionists and left-wing globalists who run the economy just about everywhere (especially Israel). You can bet they are buying the dip with bothe hands and will get their asses handed to them in the end.

 

There is no middle class in Germany anymore

Wed, 02/09/2011 - 19:22 | Link to Comment buzzsaw99
Wed, 02/09/2011 - 19:28 | Link to Comment frenchie
frenchie's picture

woaw

well thank you

you must be a honest jew

Thu, 02/10/2011 - 05:02 | Link to Comment Sudden Debt
Sudden Debt's picture

HAHAHAHAHAHAHAHA!!!

A HONEST JEW!

HAHAHAHAHAHAHAHAHA!!!

+100000

Thu, 02/10/2011 - 11:34 | Link to Comment arkady
arkady's picture

Wow that is some disgusting stereotyping right there.  Bravo champ. 

Wed, 02/09/2011 - 19:33 | Link to Comment In Fed We Trust
In Fed We Trust's picture

Speaking in terms of "German" or "French" or "American" makes no sense. These national/soverign boundaries do not exist in the eyes of the people that rule over us.

 

Wed, 02/09/2011 - 19:45 | Link to Comment Bigger Dickus
Bigger Dickus's picture

Not true. You have taller and more blond people in northern than southern Europe; people in Portugal have bigger ear lobes than in Spain; in Brazil a given foetus is slightly more likely to turn out to be a girl than a boy: this is all due to genetics. Genetics can also explain the way people have interacted and bred in the past and can account for the way people act and think: have you ever talked to someone from Brussels? Dude, step across the border into the city (which is actually a kind of country with its own ministers and separate lobbyists) and it's as though you have stepped into a zombie movie.

Wed, 02/09/2011 - 20:43 | Link to Comment Modus
Modus's picture

from what u are saying i guess you are some fuckin retard living in iowa.

Thu, 02/10/2011 - 02:19 | Link to Comment Non Passaran
Non Passaran's picture

I don't know if he's in Iowa, but I believe you got the rest right. Sadly we have to put up with individuals like that agent provocateur.

Wed, 02/09/2011 - 20:50 | Link to Comment Modus
Modus's picture

from what u are saying i guess you are some fuckin retard living in iowa.

Wed, 02/09/2011 - 22:07 | Link to Comment Bigger Dickus
Bigger Dickus's picture

Nope, I'm a professional web designer living in Switzerland. I have a Patek 5960 on my wrist and I'm waiting delivery of a Honda racing motorcycle. So no Iowa retard here.

Wed, 02/09/2011 - 22:11 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

Any Nazi gold lying around...you sound like you would know?

Wed, 02/09/2011 - 22:44 | Link to Comment Bigger Dickus
Bigger Dickus's picture

I only know 2 or 3 people who work in finance here so I wouldn't know more than the average Zerohedger about that. Switzerland is no more of a tax haven than Delaware or Belgium. Look at the way the politicians caved in to Hillary Clinton on that issue. The last traces of the real Switzerland disappeared in 1999.

Wed, 02/09/2011 - 22:37 | Link to Comment dark pools of soros
dark pools of soros's picture

aren't we a snooty chosen one eh??   my grandfather's old pocket watches look better than your overpriced wrist turd

Wed, 02/09/2011 - 22:45 | Link to Comment Bigger Dickus
Bigger Dickus's picture

Maybe so, but who wears a pocket watch nowadays?

Thu, 02/10/2011 - 00:22 | Link to Comment dark pools of soros
dark pools of soros's picture

you just inspired me to carry around his old Hamilton miltary model 23 - its been through a world war so I doubt I will break it.  i'd hate to scratch his others

Thu, 02/10/2011 - 01:08 | Link to Comment snowball777
snowball777's picture

No, you're a Swiss retard...I bet you got the Patek by acting as a fluffer at Davos.

Wed, 02/09/2011 - 22:18 | Link to Comment Bringin It
Bringin It's picture

the Germans are the some of the biggest sheeple in Europe.

Years ago, I used to live there, working for my uncle and I was impressed.

Now, I meet Germans and most are as dumbed down as 'mericans.

Politically, they're still an occupied country and have to do what they're told.

I don't know about the disgusting part though.  They're usually nice people IMO.

Wed, 02/09/2011 - 19:04 | Link to Comment TooBearish
TooBearish's picture

And while sentiment on Europe has largely normalized lately, the truth is that nothing has been fixed.

And its fixed here?....weeeeeeeeee!

Wed, 02/09/2011 - 19:11 | Link to Comment raya123
raya123's picture

As the euro resumes its fall due to this crisis, it will drag equities with it just as it did in April - May 2010.  I would not buy that dip unless / until the market turns back up upon the announcement of QE3....

Wed, 02/09/2011 - 19:12 | Link to Comment DaBernank
DaBernank's picture

But I heard "52-week high" about every 45 seconds on cnbc today.

Wed, 02/09/2011 - 19:13 | Link to Comment mynhair
mynhair's picture

43.2 seconds, to be exact...

Wed, 02/09/2011 - 19:41 | Link to Comment In Fed We Trust
In Fed We Trust's picture

Repetition is the key to programing.

 

Ending the piece with the same words, crucial.

 

A casual give and take between expert and lay person. Priceless.

Just ask NPR/Soros

 

Wed, 02/09/2011 - 19:12 | Link to Comment Yancey Ward
Yancey Ward's picture

I hear Madame Sosostris is working for the Fed.

Wed, 02/09/2011 - 20:20 | Link to Comment In Fed We Trust
In Fed We Trust's picture

As heard on the Drudge today.

NYSE to merge with German Stock Exchange.

http://dealbook.nytimes.com/2011/02/09/nyse-euronext-and-deutsche-borse-...

Whats next? The Fed merges with the Bundsbank?

Wed, 02/09/2011 - 22:58 | Link to Comment Amish Hacker
Amish Hacker's picture

In spite of a bad cold.

Wed, 02/09/2011 - 19:36 | Link to Comment cowdiddly
cowdiddly's picture

Ha I noticed they retermed the PIGS to GIIPS. Now that some sure enough lipstick. Add on  Eygpt, Algeria,Tunisia and Saudia Arabia and see how the PIGS find something to EATS. This little piggy had roast beef, this little pig had none. The Pee Little Thrigs. I will huff and Ill puff and.............................................

Wed, 02/09/2011 - 19:45 | Link to Comment In Fed We Trust
In Fed We Trust's picture

Until I sell out my media empire for $315 million dollars, because everyone has a price. Huff and Puff you prostitute.

My name is.................

It starts with an "A"

Wed, 02/09/2011 - 19:52 | Link to Comment Clayton Bigsby
Clayton Bigsby's picture

I saw that too - what a buncha crap - PIIGieS is much better and much more appropriate - if it looks, eats, oinks, and rolls in shit like a pigg - it's a pigg

Wed, 02/09/2011 - 21:57 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

All we need is for Malta to go tits up, then we could call them the GIIMPS.

Wed, 02/09/2011 - 19:15 | Link to Comment Bear
Bear's picture

The Euro at 1.37 ... why isn't this short a slam dunk?

Wed, 02/09/2011 - 19:18 | Link to Comment Bigger Dickus
Bigger Dickus's picture

Same here, but we could see 1.42 before 1.32

Wed, 02/09/2011 - 19:20 | Link to Comment Yancey Ward
Yancey Ward's picture

Mice probably think the same thing when they find cheese in dark corners.

Wed, 02/09/2011 - 19:29 | Link to Comment mynhair
mynhair's picture

Perhaps the USD is a slam drunk, hit by that SUV Escalade driven by a 69 yr old baby boomer.

Wed, 02/09/2011 - 19:44 | Link to Comment Bear
Bear's picture

Its who gets to the cliff sooner ... I'll pick the 25 year old in his BMW any day

Wed, 02/09/2011 - 19:47 | Link to Comment In Fed We Trust
In Fed We Trust's picture

The USD short is a slam dunk.

Bye, bye dollar.

Hello, he Credit/chip or SDR

But how do you collect the USD short when the USD is worthless?

You better trade from abroad, I hope!

Thu, 02/10/2011 - 01:57 | Link to Comment DaBernank
DaBernank's picture

Yes, but it's all about timing isn't it?

Thu, 02/10/2011 - 23:55 | Link to Comment Bear
Bear's picture

Euro at 1.35 2/10 ... timing ... on pm of 2/9 all hell broke loose and risk off became the watch word ... WS, silver, gold, euro, and oil hit the skids ... all recovered except the euro. Slam dunk at 1.37, timed right.

Wed, 02/09/2011 - 19:16 | Link to Comment dcb
dcb's picture

what I charted all the crap out i get about march 7 as a big day. but being a smile minded fool I refuse to believe the stuff is fixed in  advance, stupid me

Wed, 02/09/2011 - 19:23 | Link to Comment OptionsHedge
OptionsHedge's picture

"And while sentiment on Europe has largely normalized lately, the truth is that nothing has been fixed". Catch 22. If nothing is fixed, why has the sentiment normalized?

Wed, 02/09/2011 - 19:27 | Link to Comment frenchie
frenchie's picture

ok

Wed, 02/09/2011 - 19:30 | Link to Comment mynhair
mynhair's picture

You French.

Shirley, you meant KO.

Wed, 02/09/2011 - 19:33 | Link to Comment jmc8888
jmc8888's picture

Well it was februrary (or january) for Chris Lee

http://gawker.com/#!5755071/married-gop-congressman-sent-sexy-pictures-to-craigslist-babe

But march won't be too much better for Anna Bernanke.  Well at least without the Putin-esque blackberry photos.

Remember, his printing is for peace, always. 

Wed, 02/09/2011 - 19:40 | Link to Comment mynhair
mynhair's picture

Absolutely luv how you types always come up with gop-something-does-something.  Has it occurred to you yet that you don't get all the info?  Gawker have John Edwards love child?  A search of Google for 'unconstitutional' return ObamaCare?

Wed, 02/09/2011 - 19:45 | Link to Comment mynhair
mynhair's picture

Emailed Bondi to file a stay with Judge Vinson.  This is bull-horse-hockey.

Will call Rick in the morning.  TEA party rules!

Wed, 02/09/2011 - 19:46 | Link to Comment mynhair
mynhair's picture

IMPEACH NIXON, err, OBAMA NOW!

Wed, 02/09/2011 - 20:03 | Link to Comment In Fed We Trust
In Fed We Trust's picture

It wont work. The Judges are bought.

Maybe the next President (Ron Paul) can kill the Fed, and announce a polite default based on the fact we were defrauded by foriegn banks/fed.

But in the meantime have some comedy relieve with this spoof on Obama.

http://www.youtube.com/watch?v=STlJW0uv4DY

I renamed it, Obama 2012 relection campaign. "I gave You Change, Nigga!"

 

Wed, 02/09/2011 - 19:51 | Link to Comment Josh Randall
Josh Randall's picture

What about the March Silver delivery month on the Commedian-EX (COMEX for short); this month could be the time Blythe's carnage comes home to roost. Who likes Blythe in Short Shorts ? I like Short Shorts..

Wed, 02/09/2011 - 19:53 | Link to Comment StarvingLion
StarvingLion's picture

http://www.irishtimes.com/newspaper/finance/2011/0208/1224289258019.html

Stop the evil shorters, says Trichet:

Mr Trichet said it would take time for both countries to restore their credibility on the markets and added that investors who make bets against the euro zone should not be rewarded.

“Modern markets are made of investors that are long and investors that are short. The investors that are long, private sector investors, are losing money when you practice this haircut you have mentioned. Those investors that are short are making money, so this is also something that one must have in mind when reflecting on this very, very important issue.”

HAHAHAHAHAHA...I guess the Stupid Taxpayer must always save the longs from losing their ass. Thats MODERN MARKETS, a complete joke.

Wed, 02/09/2011 - 19:58 | Link to Comment Stuck on Zero
Stuck on Zero's picture

You ever notice that it's the "South" that causes the problem.  Northern Italy hates Southern Italy because they're all deadbeats.  Northern Belgium wants to kick out Southern Belgium because they're all deadbeats.  Northern Europe wants to cut off the deadbeats in the South.  Even in the U.S. upstate New York wants to sever all connections with the South and Northern California thinks that Southern California is a vast wasteland.  This is reversed South of the equator. 

Wed, 02/09/2011 - 20:18 | Link to Comment chump666
chump666's picture

yeah it's going down, f*** POMO, even QEX100

it's a bull run on equities and has ZH has indicated in a previous post you got major margin plays.  that means 1000+ hedge funds have gone hard into this rally, looks like they aint hedging much on short sells, so if we do see a panic sell (i dunno, virus outbreak or something like a war), it will be a shorting fest like none other.

Wed, 02/09/2011 - 20:42 | Link to Comment virgilcaine
virgilcaine's picture

I'm following Armstrong Economic Cycle Low into June 2011..he has the low taking out March of 09!!  Then a Big Move up to 2015 .. we shall see.

 his 8.6 year Economic Confidence Model has garnered more and more attention. As Martin has noted often in his discussion of this cycle, it should be used in association with the global economy and its dates and directional movements should not be construed as a prediction for the United States stock market. Several of Armstrong's dates have uncannily marked virtually exact turning points of substance in global markets. 

This would be one for the history books, with many fortunes  made and many lost.

 

Wed, 02/09/2011 - 21:48 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

The thing is, there is nothing really new here, Europe has been dancing in increasing piles of shyte for longer than I care to remember now. On a philosophical note I suppose the only thing that matters now is the point where everything can no longer be “willingly” overlooked, the point when all the detail shimmies up behind everyone and reveals itself in one huge lucid moment of terror, the point when there’s a palatable feeling that its nearly all too late. (The thing that gets me is how everyone can ignore absolutely everything for so long, then have an epiphany that it suddenly all matters in the space of say a few hours)

In the meantime, all the above potential crises remain known unknowns. Sole catalysts’ for a big hairy snap test of 1.2000 elude me, even the political uncertainties(other than Sinn Fein getting in and saying Tá tháinig ár lá- sadly thats not likely to happen). And people might say the Germans are totally pissed off and cant wait to eject Merkel come polling time, but the fact is, they are doing extremely well for themselves and I suspect most voting Germans are secretly patting themselves on the back for backstopping Europe with the usual demented pride they are accustom to; this stupidity will see Merkel hold on. Yes, that’s a wild statement…but the proof is in the polling (ha). Seriously though, I don’t think they mind. (how mental is that?)

 

Speaking of now, for the past few days, real money flows have went nowhere near the euro, it didn’t even make the top five today, and yet the dollar was #4(EUR/USD was doing cartwheels regardless)…its all been CB related, and I must say they do tend to pick out strange times to be buying(supporting) the euro, i.e. when spec and retail retards have opened up all manner of short positions based on TA (probably the only time when CB‘s can buy and have enough sandbags to keep things relatively nondescript). But why on earth would foreign central banks want to squeeze out spec positions, it doesn’t make any sense??? If they should keep up the pressure it won’t be too long before nearly all models(and humans) turn completely bullish, and if they should push on out of 1.3860 we’ll be testing the grandest of grand downtrend channels in no time, and to be honest, I am becoming weary of it. (not complaining though)

p.s I know no one actually reads this gruff, but its cathartic for me to write it so, up you’re hairy hole!

Thu, 02/10/2011 - 12:34 | Link to Comment bonderøven-farm ass
bonderøven-farm ass's picture

Much obliged that you've shared your 'gruff'.  

Actually, indebted to many of the ZH's for the education I've recieved on this site.  I spend almost as much time looking up acronyms as I do reading the comments, but it's been truly enlightening.  Connecting the dots is the most difficult task I encounter, but I learn a little more everyday....<hat tip>

 

 

 

 

 

 

Wed, 02/09/2011 - 21:56 | Link to Comment HedgeFundLIVE
HedgeFundLIVE's picture

Yet another great blog, Tyler.  I just switched from long to short- I give up on being long!:

http://www.hedgefundlive.com/blog/i-give-up-for-pl

Wed, 02/09/2011 - 23:17 | Link to Comment Buck Johnson
Buck Johnson's picture

It sure will be, but I think that 2011 is going to be the year of pain.

Thu, 02/10/2011 - 00:35 | Link to Comment gwar5
gwar5's picture

Portugal is finally up again as the risk it is.

Seems like things got hot around march last year too.

Thu, 02/10/2011 - 03:39 | Link to Comment raya123
raya123's picture

The withdrawal of Weber marks the beginning of the euro's final decline, and the end of this stock rally.  Go ahead, buy the fucking dip, morons.

Thu, 02/10/2011 - 03:40 | Link to Comment hugovanderbubble
hugovanderbubble's picture

Spanish banks ARE ALL IN DEFAULT ...

ALL

REAL ESTATE FRAUD in SPAIN . -Short Spain till our real estate drops

Thu, 02/10/2011 - 11:20 | Link to Comment doggings
doggings's picture

Spanish banks ARE ALL IN DEFAULT ...

ALL

REAL ESTATE FRAUD in SPAIN . -Short Spain till our real estate drops

i also have this feeling, can you elaborate or provide any new info or links? apart from Reggies, obviously..

Thu, 02/10/2011 - 04:55 | Link to Comment misterc
misterc's picture

Thoughts from Germany:

From rags to riches, everyone is unhappy with the Greek bailout. As soon as somebody mentions the word "EU", he will receive yelling and head-shaking.
Even the pensionists and retirees across the land, strongholds of Angela Merkel's CDU in the voting cabin, are now questioning the government policies with the cost of living going up.
Merkel has changed her attitude in debates, whatever she touches now she tells the voters is "without alternative". That leaves the question why we are having votes at all, when there is only one right way to do things, according to Merkel.

Oh and finally, the witty Germans might not be as stupid as they look. I think we are experiencing kind of a crack up-boom where everybody rushes into real estate, stocks and debt in order to frontrun inflation.

The biggest consumer banks are now advertising in big letters their new ETFs & ETCs (25% precious metals, 25% oil and gas, 25% agricultural commodities, 25% industrial metals).
Gold dealers are run over by customers. I've seen the first TV commercial about saving for retirement in some kind of Gold vault fund.

Oh, and by the way, the average German is not that well-off anymore. Real wages are lower than ten years ago, high youth unemployment, too many McJobs, too many contract workers.

Thu, 02/10/2011 - 05:18 | Link to Comment Bahamas
Bahamas's picture

It might be true what you all say about Europe being screwed, but still, I think it is better then elsewhere.

I live in Italy and notice the decadence, but still, you can find lots of advantages compared to other parts of the world.

The climate is nice (besides chem. trails and Haarp interference).

You can still have breakfast sipping a nice cappuccino and savouring a tasty freshly daily baked pasticceria, while admiring some of the finest buildings and art in the world.

You can still go to the store and buy locally made products. Food value is great: think olive oil and wine.

Fast foods are spreading like a plague, but still we have some fine looking people, and ladies with slender legs and cute butts.

People dress nicely and elegant.

Most of the people own at least one house and have at least one vacation home either by the seaside or up on the mountains in prestigious locations, such as Cortina and the likes, where they spend some good holiday times with tight knitted families.

Culturally one can chose among museums, theatres, plays, operas, concerts, art shows.

I can go on for a long time mentioning the beauties of Italy, but my point is, despites the terrible unemployment and the deteriorating overall economical scene, people are still able to live decently in a superb nation. As finance minister Giulio Tremonti remarked, GDP is not just marely measured by numbers, the quality of life has to count also.

We are still a long way to go to reach the deplorable levels of life of other nations.

Thu, 02/10/2011 - 09:31 | Link to Comment tarsubil
tarsubil's picture

No kids. No future. It'll be sad if all that culture is displaced by moon worshippers who hate progress and thinking.

Thu, 02/10/2011 - 05:22 | Link to Comment Bahamas
Bahamas's picture

2x

Thu, 02/10/2011 - 09:42 | Link to Comment cjbosk
cjbosk's picture

Hey In Fed We Trust

"The USD short is a slam dunk.

Bye, bye dollar.

Hello, he Credit/chip or SDR

But how do you collect the USD short when the USD is worthless?

You better trade from abroad, I hope!"

 

Really?  What do you do when the Eurozone shits the bed and we get a massive counter trend rally in USD...better not bo so confident my friend, that's how you get slaughtered in this game and no, Ron Paul isn't the next president, perhaps of the PTO but not the U.S.  At this point, anyone better than O-bla-bla!

 

 

Thu, 02/10/2011 - 10:44 | Link to Comment Lazane
Lazane's picture

It would appear they are preparing for something big, two things come to mind, the chatter is on a very high level as all American Ambassadors are called back to Washington for meeting, while the sheeple gorge on their bread, beer, and circa super bowl maxims.

http://modernsurvivalblog.com/current-events-economics-politics/all-amba...

 

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