Thanks to the pretty Indian girl from CNBC for giving me a good hearty belly laugh to wake up to this morning. She said that today's soaring market is as a result of 'A rumor of a funding plan" for Europe and the troubled Euro members. I'm sure she's right. I'm sure it has nothing to do with the mean reverting tendency of non-linear dynamic systems otherwise known in industry circles as 'the dead cat bounce".
Let me explain the hard reality of public sector finance in the sunset age of the social welfare state:
If you can tax it, it's so narrow that it isn't enough to fix anything. If it's enough to fix anything, it's so broad and far reaching that you can't tax it.
The hard fact is that the future of this debt is known. Either the countries involved steal it from savers by printing vast amounts of currency, or they steal it from debt holders by defaulting. There is no financial Rube Goldberg device with a bunch of letters before it's name that get's you there.
And to be fair, Worldwide Exchange is by far the best financial show that CNBC airs. The pretty Indian girl was just saying what was on the teleprompter.
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