RUMORS

wThat's the story for today, and all markets chose to belive the good-sounding ones.  At about 3:00pm the best one of the day was that the world's central banks were putting together a plan to provide liquidity in Euroland in case the Greeks get the election wrong and the markets go haywire, as opposed to the calm, pleasant state in which we find them at this very moment.  On that prospect the DOW jumped 75 points before settling back.  You can't make this stuff up.  The best line of the day, however, came from the lovely Michell, seemingly permantly station in Athens who observed the if the anti-bailout candidate wins the streets should be calm but if it goes the other way there will probably be riots.  That was right after she told us that 80% of the Greeks want to stick with the Euro. The awful thing is she is absolutely right!  Go figure.

French banks were downgraded a couple of hours ago.  Big Yawn.  I'd like to be able to sit in on a couple of those discussions as to the state of the Interbank market in Euroland which would probably be scarier than The Night of the Living Dead or Psycho.  I seriously wonder whether there is anyof it happening other than on a secured basis.  This is really where an involved ECB could help and perhaps that is the what the sages are talking about in regard to this "plan" mentioned above.  It really wouldn't be a bad idea.  Remember my mantra: banks get sick on the asset side but they die on the liability side.  I suspect with an honest, omniscient view half the Euro banks are bust but along they go. But take away the liquidity...How much longer can they last?

Massimo rang back, but was in no mood to talk.  I Azzuri, after leading 1-nil drew with the Croats 1-1   with an uninspired second half performance...which is a nice way of saying they were run out of the place.  Massimo claimed he would ring back tomorrow.  "You think hard, Charlie," said he, "this could be good for Italia.  Ciao. Domani!"  I haven't the slighest idea what he's talking about or whether he'll call as he promised.  Anyway, I'll just sit back and listen to more rumors tonight.  A domani.