The Market Ticker
September 13, 2011
There’s really not much more to say than this….
| Value | 1,577.42 | |
| Change | 593.840 (60.375%) | |
| Open | 1,577.42 | |
| High | 1,577.42 | |
| Low | 1,577.42 |
Source: Bloomberg (click link above)
No, that’s not a stock. It’s the CDS spreads on the PIIGS (composite), and is up an astounding 60% today.
It’s over folks, despite the protests of BNP, which reacted in predictable fashion to a WSJ “opinion piece” this morning:
‘We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore,” a bank executive for BNP Paribas, who declines to be named, told me last week. “Since we don’t have access to dollars anymore, we’re creating a market in euros. This is a first. . . . We hope it will work, otherwise the downward spiral will be hell. We will no longer be trusted at all and no one will lend to us anymore.”
The bank denied it, of course, and the source “declines” to be named.
So what’s the truth?
It’s simple: We’re all Greece.
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