Central bankers and financial regulators must think they're living in an alternate universe where arithmetic doesn't apply. The EU and IMF have agreed to release loans to Greece after all, with no discernible progress towards even minimal controls on that country's profligacy. Continental regulators are doing their part to aid and abet this insanity by ignoring the gaping holes a Greek bond default will blow in European banks. Stress tests are nothing but meaningless finger drills.
Europe is really pushing its luck. These moves give the trans-Atlantic ruling elite more time to sell off their remaining insider holdings under the guise of routine diversification. Just listen to those golden parachutes unfurling in the breeze with plenty of room to spare. China undoubtedly watches this action with dismay, regretting its decision to go long European sovereign debt in pursuit of a political lever. The recent cyberattacks on the IMF appear in a new light now. Was the IMF warned to prop up European debt or else face the wrath of Asian traders and cyberwarriors? Stay tuned for the next chapter in a centuries-old drama.
Europe is really pushing its luck. These moves give the trans-Atlantic ruling elite more time to sell off their remaining insider holdings under the guise of routine diversification. Just listen to those golden parachutes unfurling in the breeze with plenty of room to spare. China undoubtedly watches this action with dismay, regretting its decision to go long European sovereign debt in pursuit of a political lever. The recent cyberattacks on the IMF appear in a new light now. Was the IMF warned to prop up European debt or else face the wrath of Asian traders and cyberwarriors? Stay tuned for the next chapter in a centuries-old drama.
