11.28 from Ambrose Evans-Pritchard: Your Oh Chit Moment

“This is very worrying,” said Tim Congdon from International Monetary Research. “What it shows is that the implosion of the banking system on the periphery is now outweighing any growth left in the core. We are seeing the destruction of money and it is a clear warning of serious trouble over the next six months.”

“This is the first sign of an emerging credit crunch,” said James Nixon from Societe Generale. Banks cut their balance sheets by €79bn in October, while mortage lending saw the biggest drop since December 2008.

But, but, but, the Frenchy-French, Communist Merkel, and even our own Federal Reserve said this was somewhat contained. Sacre bleu! WTF?

Maybe, just maybe market forces of self-preservation might actually supersede command control economics and force the necessary correction before the disastrous hyper-inflationary mistake is made?

Nah.

Just start printing and get it over with.

Europe and North America is now officially toast. But the morons on Bubblevision will promote stupidity until everyone over age 60 loses every damned cent they have in the markets.

Or steal it like they did in Argentina, Greece, and soon, the rest of Europe.