Friday, December 7, 2012


It started off with people expecting things to happen although only heaven knows why there should have been such anticipation, and just to show that the Lark's on the Wing, nothing did.

The fiscal cliff negotiation stalled with both sides going almost completely quiet today which towards the close was interpreted as a good thing as in "somethings going on," which of course nothing was and the Court Jester, Joe Biden, explaining that the upside when this thing gets agreed is trillions being spent in the economy because of the certainty that has been created.  Needless to say, no one asked him why the administration hadn't created certainty long before this.  Oh well, next week is another week and hope springs eternal.

Late today, the Greek banks announced that they would participate in the buy-back.  Now there's a "stop the presses" moment.  Of course, the result of that will be the creation of a need to recapitalize the very same banks to an even greater extent with money Greece doesn't have, but then again the percentages work in the right direction and the IMF has all the money in the world, do they not?  It will be interesting to note, however, at what level the exchanges were made.  There have been suggestions that the hedge funds had sat this one out but at the same time ownership was ascribed in the middle to high teens which would mean they would have walked away from a gain of some 75%  which under normal circumstances would amount to a pretty good couple of months' work.  

A surprise, at least to me, was the Burlusconi mob walking out of the coalition just when things were beginning to look good.  I tried to call Massimo to find out what that was all about for surly Burlesconi cannot believe that there is another chance for him?   The old boy must have maxed on his Viagra to get dreams like that but unfortunately Massimo, I was told, "was unavailable until next week," meaning...well, that could mean anything with him.

Various ministers continued to speak in terms of a "united Europe" and "universal banking regulation" for want of something else to do because everyone knows that's not going to happen ever much less any time soon (did I do that right?) whilst across the Channel, England was talking about will there forever be an England, much less one united with Europe?  It seems to me that people are simply tired and unfocused, which means...oh hell I don't know what it means.  Probably that I am the same way.  See you Monday

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