Italian Prime Minister Mario Monti and Spanish Prime Minister Mariano Rajoy are meeting in Madrid in order to discuss how to proceed with the looming bailouts of their countries. Super Mario, President of the ECB, was very proud to announce his bond buying bonanza nobody really wants or asks for it as it is tied to severe austerity measures and the countries first need to beg the ESM and subscribe to their conditions before Super Mario is allowed to take Browsers Castle. Monti as well as Rajoy have both rejected new austerity measures as...
Israel and the terrorist organization Hamas have agreed to a ceasefire which will start at 2100 hours local time. The cease fire was brokered by Islamist leaders from Egypt who met with both sides, but are more loyal to Hamas then to Israel while Egypt will do as much as it can in order to respect and execute the peace treaty it has with Israel after the Six Day War. Egypt Foreign Minister Amr as well as Secretary of State Clinton announced the cease fire in Cairo and Israel said it would give it a chance. Chances are that Hamas will...
The conservative Liberal Democratic Party or LDP won a landslide victory in Japan and Shinzo Abe will return as prime minister of Japan. The LDP ruled Japan for over 50 years until an election loss in 2009. Japan, which continues to suffer from the fallout of financial bailouts in the late 90’s, thought a change in leadership would ring in change. Flashback: The U.S. has followed into the footsteps of Japan when the elected change in 2008 which made the situation worse. Japanese voters were smart enough to allow change create bigger...
Italian central bank governor Ignazio Visco told Italian newspaper La Stampa that Italy will navigate through the storm without assistance of the ECB and its Outright Monetary Transactions or OMT’s. While he admits that the next few months will pose quite a challenge for Italy, the world’s third largest debtor nation, he believes that Italy witnessed the height of the debt contagion. Italy is in the midst of a recession and hammered by political uncertainty after Mario Monti announced his resignation and Silvio Berlusconi...
The U.S. is heading off the fiscal cliff and uses the last few days to accelerate its pace. At least they want to make the fall and crash as enjoyable as possible. Most market participants around the globe are already aware that it is too late for any agreement and that the U.S. has no other outcome than to bungee jump without a cord. In the final week before Christmas Speaker of the House of Representatives Boehner made the Obama White House an offer on taxes. Boehner and fellow Republicans would allow tax cuts for the One Percent to...
