I must say…this Christmas feels different. Parking lots at mall’s were nearly empty leading up to Christmas, Ron Paul is fighting off the scammer establishment who can only find a few newsletters to gripe about despite his voting track record indicating clearly that his actions and philosophy are pro human, pro liberty and pro-capitalist…no discrimination there. The markets of course have been so manipulated by the anti-capitalist central planners and government officials intent on throwing away our children's future and enslaving us in to permanent debt that they are not capitalist at all. Just take a look at what happened to the Spanish bonds last week. Apparently the ECB, as I indicated when it happened, pulled together all the muster that they could find and provided an offer for every single ask on newly issued Spanish bonds…bringing yields down to the low 2% area…this was roughly a 50% reduction in yield…not to be out done…the market has now answered and yields are right back where they were before the central planners decided that they are the market an know better than the market and they are the only true capitalists.
The problem is that Merkozy and Ben, Timmy and Mario are all taking way to many shortcuts. There is no short cut that can work when you give money to people who are only good at losing it. The debt orgy from the ECB last week only rewarded people who are already insolvent and who have already lost the money they borrowed…which is why they are not investing it in new bonds. The fact is, the ECB is willing to accept any kind of collateral, even collateral that has been pledged somewhere else. I guess they will just call that little issue a discrepancy or oversight or accounting error - rather than intentional accounting fraud.
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