SAR 12219

A politician's beliefs are not important, his financial backers agendas are.

Misperception: Unelected Italian Prime Minister Mario Monti - installed last year by the ECB to replace Italy's elected leader - doesn't want to be bound by the decisions of the country's legally elected parliament. Because if he and Merkel and Hollande and the rest have to listen to the people, Europe will break up. Monti is probably right that to save the euro and the banks and the bondholders, democracy has to go. Won't that be fun?

Ah, The Rotten Apple: Standard Charter (SCB) has, for over a decade, “engaged in deceptive and fraudulent misconduct...” hiding over 60,000 transactions involving more than $250 billion for Iran. Word is that Deloitte & Touche helped, which won't help them very much.

Rainbow's End: The only plausible European endgame is for the government(s) of the eurozone to get their hands on privately held wealth. The only want to borrow it, of course. They'll give it back when Greece, Spain, Italy, Cypress and whoever gets through using it. Twelfth of never, most likely. Remember, a country cannot - in the long term - repay interest rates in excess of its nominal GDP growth, and 7% seems... optimistic. The extension of credit is based on trust, and these folks are not trustworthy.

Keeping Score: On an average, ordinary day at least 36 Americans are killed by guns. That's three Auroras. Call it 12,000 a year. And we're afraid of al-Qaida? Take your shoes off and stand over there.

What Lies Ahead: Eventually we will have to write off enormous debts, pay much more for our energy and food and commodities, and live within our seriously downsized means. No wonder no politician, anywhere, wants to talk about it. Telling people their lifestyle must be greatly reduced isn't going to be well received.

Another One: If “the answer is Medicare for everyone,” what are we waiting for?

Asked & Answered: “Is America the world's larges sponsor of Terrorism?” Yes, but don't quote me. For example the US has launched over 330 drone strikes in Pakistan, with over 3,000 casualties, at least a third of whom were just going to weddings or funerals.

The Quote: “All we have to do is replace Obama. … We are not auditioning for fearless leader. We don’t need a president to tell us in what direction to go.... We just need a president … with enough working digits to handle a pen…. His job is to sign the legislation... that has already been prepared.” Grover Norquist.

The Parting Shot:

On the podium.