This is exactly what I've been talking about.
First, from Reuters this morning on European indices:
""We're near the cliff's edge, very close to capitulation, the mood is very gloomy," said Jean-Claude Petit, head of equities at Barclays Wealth Managers France.
"I not sure that governments and central banks are realising what's really going on," he said.
What's "really going on" is that our entire financial system has turned into a gigantic clown car. There hasn't been any recognition that the fundamental problem over the last two decades has been fraudulent lending - giving money to people on loan that the lender knows full well has no real chance of being able to pay it back.
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