Bill Bonner, "Inter-Galactic Bailout And The Fed"
The Standard & Poor’s 500 Index gained 2.2 percent, the most since Sept. 1. The MSCI Emerging Markets Index rose 2.2 percent, its biggest gain since Aug. 2. The euro rebounded above $1.31 while Spanish 10-year bonds snapped an 11-day drop. The rate on 10-year Treasury notes increased 17 basis points to 2.97 percent, a four-month high. Oil and copper advanced more than 3 percent. After the US close, S&P 500 futures added 0.1 percent at 7 p.m. in New York and Japan’s stocks rose in early trading.
European Central Bank President Jean-Claude Trichet said yesterday that investors are underestimating policy makers’ determination to halt the region’s debt crisis and shore up the euro ahead of a meeting of the bank’s Governing Council tomorrow. Stocks and the euro extended gains after Reuters reported that an unidentified official said the US may support enlarging a European financial rescue program by adding cash from the International Monetary Fund. The US is not discussing extra IMF money for Europe, a US official in Washington told Bloomberg News.
It could still melt down. US authorities must know this. And they must know too that if Europe melts down, so will the USA. So, the rumors will probably turn out to be true. The US will back the IMF. The IMF will back Europe. Europe will back Ireland. Ireland will back its banks. And the banks will back their lenders. Meanwhile, the euro will be backed by the dollar, which will also back the US economy, US banks, the US government, and about half the households in Christendom…not to mention the others!
The New York Times tells us that astronomers had seriously underestimated the number of stars in the universe. They can’t see the little ones. Which means, their last count was probably a few trillion off. Or maybe a few gazillion off. Which suggests to us that astronomers and federal debt analysts must be using the same calculators. Both are trillions off the mark.
But the reason we bring this up is to give dear readers hope. Maybe…circulating around one of these invisible stars…a few billion light years away from earth…is a habitable planet. And maybe, the people who live there are very good with figures…and money. And maybe they’re also very accomplished space travelers. And very generous. And maybe they’ll show up – any time now – and offer to bail out the whole Milky Way …if not the whole damned universe.”
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