Pass Me Your Papers...SCNELL

Now Greece wants $154 billion yikes! (yield now 24%)....and yes the US Government took in $160 billion last week. And wdc, llc., is debating a few silly synthetic derivatives that traded three years ago....sad and a sign of the times. We have said repeatedly that the math has moved beyond the ability of those in "charge" to really understand what is happening...the left thinks raising taxes will solve the problem...the president says everything is fine now....Gold makes new highs, oil to follow....smart money is starting to sit in hard assets. Bonds are creating the biggest bear trap of a generation.

As proposed Greek debt gets settled at .30 to .50cts on the dollar life goes on....proper equity goes up....pretty simple. So in Greece (only 11,000,000 people) the current talk is a $265 billion dollar hit/ loss if recapped. We of course are talking about trillions further up north where another 350 million people have equivalent deficits.....(kind of puts the housing correction in proper context).

Union workers strike and complain about Austerity plans to live within means (imagine that)....everyone better get used to either that or losing many hundreds of billions of dollars..which do you think will prevail?

The key issue for many is again the rating agencies.....as they down grade their ratings....automatic selling engages....by law owners of debt are not allowed to own debt at certain levels....it (the process) acts like stop loss orders.... it triggers massive selling...with very few buyers....garnering the typical expression NO BID....this is why the contagion is so powerful once started.....as now.

People say how can gold and oil go higher? Is it demand or supply? Well both have passed peak production.....as demand increases the price increase is compounding at a greater level than just demand....as supplies diminish.

The stock market is up 41 of the last 54 trading days.....and is narrowing....time to be very careful... many stocks have begun to roll over...many are very over priced.

The "hearings" three years from now will query the banksters as to how much US Treasury debt they were short and then made how much???

Oil stays high because of the disaster in the Gulf....this will raise all new concerns on deep water drilling and the risks and cost associated with such activity..remember this is all new frontier stuff...that of which...the world has an enormous assumption this was all going to be readily available....for now IT IS NOT.

Danny Boy seen here..paying full attention....sees a whole lot of papers being passed around...and not just in Arizona.