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Friday, December 2, 2011
Q:ECB BACKSTOP RUMOR FUELS MARKET
BLOOMBERG LIE OF THE DAY:
U.S. Stock-Index Futures Extend Gains After Suprising Drop in Jobless Rate
Dec 2, 2011 8:33 AM
The futures actually dropped after another anemic jobs report. The futures were up 160 going into the report because of a new rumor that the ECB (European Central Bank) is going to inject cash into the IMF, which is viewed as a first step to a global bailout of European Debt.
Everything in the markets right now is a function of bailout money proffered, or bailout money denied. Nothing else matters. Because the pros all know that not a single economy on the face of the earth is growing. Not one. Not even China.
The only thing keeping this all afloat is freshly printed money being injected into a moribund global banking system.
Gee, who could have predicted that?
Quote of the day: “Owners of capital will stimulate the working class
to buy more and more expensive goods, houses and technology, pushing
them to take on more and more expensive debt, until their debt becomes
unbearable. The unpaid debt will lead to the bankruptcy of all banks,
which will have to be nationalised, and the State will have to take the
road which will eventually lead to communism.” Karl Marx
All right, maybe the conclusion is a bit of a leap, but the analysis is spot on.