Thursday, February 9, 2012
So today, Greece supposedly capitulated to their owners like good little puppies and CNBC's headline is this:
Markets Get Greece Deal, So Where's the Big Rally? -- "Investors who counted on an orderly resolution to the Greek debt crisis appear to have gotten what they wanted. But the question now is: What happens next?"
Its all about investors getting what they want isn't it? Yep--where's the Big Rally, those soulless mother-truckers inquire.. just too Funny..
OK so that's how the US media is portraying things-- problem solved. Now everyone can continue celebrating the Obama led recovery during election year.. Lovely.
Here's what really happened today:
Schäuble: Greek cuts don't meet 'clearly required' conditions (Telegraph UK) -- "German finance minister Wolfgang Schäuble warns ahead of a eurozone meeting in Brussels that spending cuts agreed by the Greek coalition leaders do not fulfill bail-out conditions."
The Telegraph UK seems to be a pretty honest newspaper.. here's a few more headlines expressing the true situation as it stands:
Greek death spiral accelerates -- "Greece's manufacturing output contracted by 15.5pc in December from a year earlier. Industrial output fell 11.3pc, compared to minus 7.8pc in November. Unemployment jumped to 20.9pc in November, up from 18.2pc a month earlier... This is what a death spiral looks like."
Euro crisis averted? Don’t believe a word of it -- "However it is spun, any euro exit, even one as small as Greece, sets a potentially fatal precedent. Once Greece has gone, the markets will move remorselessly on to the next weakest link. And even if Greece does manage to cling on by its fingernails, default within the eurozone will surely soon have others clamouring for similar debt forgiveness."
Here's the Guardian UK's take:
"Amid a mounting sense of crisis, it is possible that any deal that might be struck may prove inadequate. With unemployment soaring, revenue sources drying up, recession deepening and social unrest increasing, there is palpable pessimism and resentment on both sides. In Greece, the idea is growing that austerity cannot work, and that default is more of a question of "when", not "if"."
Gee! That doesn't sound optimistic does it, you lying fuckers at CNBC.
Yep, wonder where the 'Big Rally' is?