Tuesday, February 3, 2015


...although I'm really not sure why.  We returned to 16 inches of new snow on the ground.  I should be someplace else.  Maybe there is something to this climate change thing, 'cause I ain't never seen nuttin' like this

Well, today the Greeks made everybody happy in saying that it was their intention to honor their obligations.  Markets soared.  Of course they didn't say just how they intended to accomplish that feat as they are pretty much broke and their banks just got a bit from the central bank to keep going; a bit being defined as around 2 billion Euros, but they said it.  Now remember, my prediction was that the EU would find any way possible to kick this can as far down the road as they could but it seems to me that the problem isn't Greece but the economy of the entire union, not to mention the shooting war going on in the Ukraine.  And they will to the point that the mere statement of good intentions is taken as a near-term turning point in this entire mess.  Oh, did I forget to mention that the Danes just joined in the "bugger your neighbor's currency" game now in full swing around the world?  Yep, and just four days after they stated that it was not their intention.  Can't blame them really.

Getting back to the Greeks, it appears that they went out and hired Lazard to represent them yet again.   Not my choice but I guess they were happy as to how the last round turned out or else why would...but I digress.  After the tumult and the shouting that surrounded the election and the most unlikely alliance with the far right in order to form a government, if the strategy is to be one of smile sweetly and say nice things resulting in no real change from the status quo, one must ask how long can an alliance like this last and what happens when one party decides that it's a bad deal and walks?  So I'm trying to figure out for just what it is this government is waiting to happen because the macro short term outlook for the region is negative probably resulting in continued dreadful economic results; (I know, there have been advances but nothing like what is needed).  By the way in case you missed it, Germany's numbers were woeful in the fourth quarter.  And to make matters worse, S & P just lowered their ratings on a handful of major Euro Banks insuring that their seat on the side-lines throughout all this has just become firmer.

I kind of hate these reflections from 60,000 feet, but there's really nothing of substance on which one can comment.  It's so bad that even the professional journalists are calling Il Duce's $4 trillion budget delivered to Congress yesterday as "a basis for negotiation."  When the hell has this guy ever negotiated anything in good faith...or in any faith for that matter"  But you start making things up in order to get copy.  Not me.  I look at it as an extention of the cocktail hour.  Inn Keeper!

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