Submitted by: Francis Soyer
Happy November. Now that the window dressing on light volume for 10/31/11 is behind us and the market has done its homework on how ludicrous the proposed bailout plan as of last week is now we see where the rubber meets the road so to speak. In short (and time to panic and get short) The financial system collapse has begun in Ernest. The Euro is in it's early innings of being blown apart. Next up the U.S.D. with Congress needing to figure out how they will raise the debt ceiling over $5 Trillion for FY 2012 in order to avoid defaulting. This of course has to be done during an election year with both parties having axes to grind. Good luck, they will need it... The key issues of the day are the following:
MF Global while not quite a LTCM (Long Term Capital Management) blow up it is severe and will shake confidence in futures and capital markets.
Former PBoC Monetary Policy Committee Member: "Beijing Will Not Ride To Eurozone’s Rescue"
Emergency Greek Cabinet Meeting At 4 pm Local - Early Elections, Referendum To Be Discussed
10Y Bund Yield Drops 5 Standard Deviations, Most Ever
- ONE GREEK RULING SOCIALIST LAWMAKER QUITS PARLIAMENTARY GROUP - STATE TV MORE - RTRS
- GREEK MP'S MOVE REDUCES PM PAPANDREOU'S MAJORITY TO 152 OUT OF 300 DEPUTIES - RTRS
- More resignations/defections from Greek ruling part is possible according to an Official - Dow Jones
