Hussman’s Weekly Market Comment is a must read for anyone interested in finance. Here’s a choice quote from his latest:
European leaders have announced “We have agreed to solve our debt problem, leveraging money we do not have, to create a fund, which will then borrow several times that amount, in order to buy enormous amounts of new debt that we will need to issue.”
On a side note, MF Global’s 40:1 leveraged $6 billion bet on PIIGS debt, an itch that Corzine had to absolutely scratch, is probably going to result in a bankruptcy filing and a sale to Interactive Brokers. So much for becoming the next Goldman Sachs…
