This Is Who Represents You
What happens when a collective group of people are pushed to the edge of sanity by politicians? Well, if you live in Europe, you are about to find out. Italy declares bank “Holidays”; Switzerland is considering capital controls and travel controls; and to top it off, Saxo Bank [Netherlands] has quadrupled trading margins involving Swiss Francs [CHF].
The pain of Greece is clearly spreading. And while you will suffer, the politicians will conference somewhere where the hookers are plentiful and the caterers superb. If there are any companies out there whose biz is booming it is A) caterers, and B) those that make paper for Drachmas.
Markets are on the proverbial “pins and needles” Defcon 1 red alert.
Gold was its usual self [as of this year], going $20 in 20 minutes; the new normal is to see just how fast money destruction can occur in the span of the shortest amount of time possible. Makes no difference up or down, although stop destruction on the down side has always been a crowd favorite amongst professional traders.
Record short EURUSD spec positions at the Crimex [let’s face it, that’s what they are – just ask any former MF Global customer] means that any burp from a Pol in Europe will jerk the market one way or the other; today was no different. Although today isn’t over as I write this, we definitely got the "Flying Wedge of Death" going on in most pairs.
What needs to happen isn’t going to happen; shut the politicians up and get them in a room until something concrete and credible is brought forth they can agree. And just to be clear; no hookers and sea bass in white wine sauce until you got something – understand?
“How do you expect us to live?”
Of course, as the world knows to well, this weekend comes the Greek elections. I’m just thinkin’ out loud here; by any chance is there a full moon this Sunday?
Maybe what the continent needs is some Chalky Soetero “Hope & Change”. Given how his campaign for “Preeeezy” is going, putting him in Europe for a few weeks would probably improve his poll numbers.
If this wasn’t so serious and affecting so many people it would be hilarious.
Have a good day everyone.