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Revolution Blog

Euroland Debt Comi-Tragedy Continues

Published on 2011-11-12
You'd pay to see it if it wasn't free!

In just about a week since our last post, the Euro zone debt crisis has worsened significantly. Greek PM Poppin-Fresh-Dreo is out. Italian PM Burlesque-oni is out. MF Global has ceased operations, with hundreds of millions still missing from customer accounts, and stiffing JP Morgan into unsecured creditor hell.

Italy's bond market is hitting the same wall(external link) that Greece's did, except that Italy is much too big to bail, and everybody knows it.

Lest there be any doubt as to the general character of the people in charge, have a look at this chart of actual remarks made by Euroland leaders to or about one another:

Euro Trash Talking
Euro Trash Talking

Really! These people could be construed as failures as human beings, much less as important "leaders" of millions of other human beings.

All is not sweetness and light back in the USA, however. Jefferson County, which includes Birmingham, Alabama, has just filed for the largest municipal bankruptcy(external link) in history. Again, JP Morgan stands to be a big loser here.

In other news, HSBC has recently needed to take $1.8B in "loan impairment charges" just last quarter, as large numbers of mortgage customers simply stopped making their payments. There comes a point at which, if enough of the "99%" do this at the same time, the "1%" will be absolutely helpless to do anything about it. No need to occupy Wall Street, just occupy your home and stop paying them.

In sum, MF Global and Greece look to be only the beginning.