Worst Case Scenario -
I was hoping they would be putting a worst case scenario together - looks like they got one. OK, now if they have gone to these lengths what does that tell you? And now I ask, do you have a worst case scenario plan in place?
"2) the German taxpayer became the Eurozone's "de facto bailout provider." Mayer proposes a "Chapter 11 for Eurozone countries," which would place troubled members under economic supervision until they put their house in order." Wikileaks Exposes German Preparations For "A Eurozone Chapter 11" | ZeroHedge
Meanwhile "Global Bailout Fallback Plan B" China Is Pumping 1 Trillion RMB Into Its Banks | ZeroHedge
"As the European debt crisis edges closer to a break up of the euro zone, financial regulators may be reaching for emergency manuals that have gathered little dust since the last crisis." Analysis: U.S. bailout manuals handy if Europe crisis widens | Reuters
The EU is just a total mess -
"The European Central Bank probably stepped up its bond-buying program, spending around 5.3 billion euros ($7.3 billion) on peripheral euro zone debt last week to help calm markets and lower bond yields, a Reuters poll showed on Monday." ECB likely stepped up bond-buying program: Reuters poll | Reuters
"Italy overtook Greece as the prime threat to the stability of the euro zone on Monday as governments sought to placate frantic bond markets and halt accelerating financial contagion." Euro zone governments rush to placate bond markets | Reuters
"about two-thirds--reported having tightened standards on loans to European banks over the third quarter. Many domestic banks indicated that the tightening was considerable." Calculated Risk: Fed: Banks Tighten Lending Standards to Banks and Firms with European Exposures
Germany to G20: German Gold “Must Remain Off Limits”; Italian Gold Sale Again Proposed In Germany | ZeroHedge
Wall Street Journal Lays It Down: "Merkel And Sarkozy Have Lost Credibility" | ZeroHedge
Potential Iran War -
"This would be a very serious mistake fraught with unpredictable consequences," Russia issues stark warning against Iran attack - World news - Mideast/N. Africa - Iran - msnbc.com
More Lies from the Broker Dealers -
"Look for the vigilantes to comb through any and every 10-Q with a fine tooth comb and punish any bank that still has any exposure gross or net." So It Was An Issue After All: Jefferies Cuts Its Gross PIIGS Sovereign Debt Exposure In Half | ZeroHedge
"Jefferies Group Inc (JEF.N) the mid-sized investment bank trying to distance itself from bankrupt MF Global Holdings Ltd (MFGLQ.PK), said it reduced by half the gross positions in sovereign securities of certain European countries it had on Friday." Jefferies cuts certain Europe positions by half | Reuters
Move your Money a Huge Success -
Just add all the issues from the BD's as documented above to the MF Global scandal (investors lost over $600 million) to the already discontent populace. This is awesome.
"With November 5 being hailed as Bank Transfer Day, the final day in a month-long demonstration to move money from out of the big banks and into smaller, localized credit unions, the tally of those that took up the cause has come through and it shows that the movement was more than just a fluke. Leading up to November 5, $4.5 billion was taken out of major financial institutions." Billions of dollars moved in bank transfer demonstrations — RT
MOVE YOUR MONEY - 650,000 Americans Joined Credit Unions Last Month - More Than In All Of 2010 Combined - Home - The Daily Bail
Sorry, but this ain't right at all - Why don't they just say it is an election year (and even if it was not) so we don't have to give you jack. "The White House on Friday all but refused to turn over the documents House Republicans have subpoenaed on bankrupt solar firm Solyndra, firing off a letter saying the request would put an "unreasonable burden on the president's ability to meet his constitutional duties."" Obama Fights Solyndra Subpoena - Solyndra - Fox Nation
What to look for -
This is tomorrow night! Huge asteroid headed for close encounter with Earth - Yahoo! News
Chart of the Day -
SPX 60m - at resistance with some divergences possibly setting here - that does not look good at all. On the other hand maybe that wedge still needs a run up for the E touch or overthrow before we get a major move south.
Remember the reason for the season!
GL and GB.