EU Cesspool

Clark Griswold: There's the Left Bank, kids. Russ, bet you can't guess which bank is on the right.
Rusty Griswold: The Bank of America
--European Vacation

Hard not to see a growing cesspool of Ponzi and moral hazard when looking at the EU situation. Germany's resolve on austerity/no inflation appears to be weakening. All other countries seem all in on money printing strategy.

If a confetti fest is pending, then why is gold not reacting violently to the upside? The yellow metal continues to mark new lows daily.

position in gold