Berlusconi is out…no, he’s in…he’s out…no wait he’s in. It’s only Monday morning and the bullshit is starting already.
Russia is seeking a “significant increase” in the weight of developing nations in the International Monetary Fund after pledging to contribute to the euro region’s bailout. Medvedev will meet with the IMF’s Lagarde today to discuss the Euro mess and they will also ask for a seat the table going forward.
This is fun and I now wait for Putin to show up bare chested with a fly rod or an elephant gun at the next meeting. Who knows? Maybe he will bang out a tune or do some stand up.
China is ready with a check too, not because they are sweethearts, but because Europe is the world’s largest economy and is also China’s largest export partner. I mean who will buy their shit if Europe isn’t breathing?
So Italy $EWI is front and center this morning, Spain $EWP will probably take the front page soon, but let’s not t forget Germany $EWG (no one is talking about Germany for heavens sake in the last couple of weeks), they are so screwed.
If you look closely, the same media folk over in Europe that are reporting on these PM resignations are the same ones reporting that Elvis was just seen on Mars eating fried twinkies. The market knows this, yet doesn’t hesitate in spinning you out of a trade that makes you feel completely stupid.
When Communism saves Socialism it’s usually time to leave the dance.
I watch with interest and amusement as it all becomes unhinged. Still the third inning.
