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◄$$$ THE EUROPEAN SUMMIT MEETINGS HAVE TURNED INTO AN EXERCISE OF FUTILITY WITHOUT MEANING. DEALS STRUCK BY POLITICIANS WITH NO POLITICAL BASE EVAPORATE OVER TIME. THE DEBT ROLLOVER TIME BOMBS WILL CONTINUE IN RELENTLESS FASHION. $$$
The supposed leading politicians are wasting their efforts, biding time, deceiving the public, and supporting the bankers in last ditch attempts to salvage what cannot be rescued. The Union is doomed, both on the political front and the monetary front, and they know it. The politicians offer no solutions, as neither Merkel nor Sarkozy has any power left. No referendum by the people is conducted, since they would reject the deals conjured up. We have seen this movie six times before. The Germans have informed France that they are not included in the next chapter, an alliance with the East. Sarkozy is petrified and lost. The race is on to see which occurs first, a major French Govt Bond selloff or a major French bank failure. The bond schedule ahead is a nightmare. Either the Euro Central Bank bids on the majority of bond offerings, or the PIIGS bonds will default. Expect the crisis to blossom.
◄$$$ THE USGOVT DEBT RATIO IS ABOUT TO REACH 100%. THE USGOVT LOOKS LIKE YET ANOTHER PIIGS NATION. THE DEFICITS NEVER WENT UNDER $1 TRILLION AS FORECASTED. THEY REMAINED IN THE $1.5 TRILLION RANGE AS THE JACKASS FORECASTED. $$$
In early 2009 the US populace was told that the USGovt budget deficit would return under $1 billion. It did not. According to the Jackass forecast, it zoomed up to $1.5 trillion and stayed there for consecutive years. The deficits persist chronically without remedy in the $1500 billion range annually, a staggering 43% ratio of the total budget. The other debt ratio is the cumulative debt versus the USEconomic size as measured by the Gross Domestic Product. The United States Govt is soon to hit the 100% debt mark versus GDP. The event will gather much attention, bad attention. The pair of US debt ratios is typical of PIIGS nations in deep trouble. The profound risk to the US financial system is masked by the USFed activity. They are monetizing 10 times as much as they admit, and the Quantitative Easing programs never were interrupted. The Operation Twist was a grand deception to conceal coverage of what foreign central banks wished to dump. Look for more debt downgrade of the USGovt in coming months, after the Q4 shows a ripe $1 trillion in added deficits.
Compare to Canada which has a mere 34.9% total debt burden versus its GDP, a much stronger financial situation. The nation in the Great White North could have been a powerhouse leader with a huge sovereign wealth fund like Norway, except they followed the Goldman Sachs path to the fields of corruption and recklessness, selling almost all their gold in service to Wall Street masters. Then they followed the Bush Doctrine of fascism, embracing the war footing, sending soldiers to support the narco war, and tightening the security vise. Next Canada will become a Chinese commercial colony, a better fate than the US to be sure...
