Quote of the day

Quote of the day, from Richard Fernandez :

Nils Pratley at the Guardian is impressed. “Bailouts in the eurozone used to generate relief rallies that lasted at least a week. The Spanish version couldn’t even manage a full morning.”

The yield on 10-year Spanish government debt, which had fallen to 6% soon after the start of trading, ended the day at 6.5% – an astonishing turnaround. Worse, Italian bonds followed the same pattern, closing a whisker above 6%, the highest since January. Far from calming nerves, the grant of €100bn (£81bn) or so of cheap loans for Spanish banks seems only to have hardened investors’ analysis that the eurozone debt crisis is getting worse.

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The bitter truth is that the European collapse is simply the consequence of Leftist fantasy politics.  It is what happens when people realize that the ‘paradise’ they’ve been building is nothing but a deconstructed, demographically collapsing, hollowed-out and bankrupt shell of lies.