The fake economy is starting to unravel at the seams. The Market should be down 1321.2 Points, but of course that Plunge Protection Team makes sure that doesn't happen. Get it done already Europe. Stop with the semantics and the theater and turn the Fake Euro Zone into the United States of Europe Already. Come on, anybody with sense knows you're going to do it, stop stalling in order to trick the fools.
A Barrage of Bad News Destroys the Dow
This morning I wrote that Thursday's start to the EU Summit, a meeting of policymakers looking to solve the ongoing debt crisis, would be one of the main events for investors to watch this week. However, one thing I didn't expect was the news out of Europe to start hard and fast first thing Monday morning. But that's just what happened, with a stream of crisis-escalating headlines:
•Spain provided an official request for a bank bailout, though an official number wasn't provided.
•The island of Cyprus became the fifth company in the eurozone to request emergency aid, joining Greece, Ireland, Portugal, and Spain.
•German Chancellor Angela Merkel reiterated her opposition to "Eurobonds," or a form of debt that would be jointly underwritten by all 17 eurozone member countries. The idea has been considered a potential solution to come out of this week's summit.
•The Greek finance minister announced his resignation following less than one week in office.