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Mark Grant And Rick Santelli On Europe: “It’s A Ponzi Scheme To Be Honest With You”
Posted By kurtnimmoadmin On August 14, 2012 @ 10:55 am In Global Crisis,Old Infowars Posts Style,Tile | Comments Disabled
August 14, 2012
As Simon Hobbs noted this morning, Olli Rehn confirmed ahh that err “both the European Union and the ECB are ready to take action” but only conditional upon requests for aid. What is perhaps missed by most observers is what Rick Santelli and Mark Grant discuss in more detail in the short clip below. Greece managed to sell EUR4 billion short-dated bills this morning at remarkably low yields – not exactly the kind of thing that incentivizes political leaders to request aid – but how did they do it? Who bought it? Well, we suspect you know the answer but Mark Grant’s clarifying response to Santelli’s question concluded simply that the ECB-to-Greek-Banks-to-The-Bank-Of Greece-to-ECB circle-jerk is “in a sense, a kind of Ponzi scheme.” Santelli’s response that “it really is a rigged game” and that our reflexive response to the signaling of bond yields is remarkable given the manipulation; Grant agrees adding that “the real money guys are either out of Europe, getting out of Europe, or have cut back as much as they can” since simple math shows you that at some point Europe will have it’s ‘moment’.
Hobbs introduces, discusses Greece at around 3:00 and then Santelli and Grant take over at 3:40…
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