420-back_to_the_future-420x0

Back To The Futures

It feels like we’ve been here before, doesn’t it?

We’re all in danger of being wiped from the McFly family photo, again. Except this time, Europe is George McFly, before he punched Biff, sheepishly hoping to find an answer buried one of the comic books they’d rather be reading. Absolutely nothing we’ve done to this point matters if we don’t change the present storyline.

And Biff is, of course, the market, punching George, and everyone who dares to cross its path, dead in the face… “What are you looking at, Butthead?!” Laughing. Taunting, with that awful flat top haircut & chuckle. And in a few hours, when the futures markets open for us again, we’ll get to see what it thinks of this…

With Europe’s debt crisis cited last week for canceled IPOs, weaker-than-expected Chinese manufacturing figures and a rise in the U.S. jobless rate, Merkel rejected joint debt issuance in the 17-nation euro area as a solution, saying “under no circumstances” would she agree to Germany-backed euro bonds.

Of course this storyline wouldn’t be complete without the eccentric mad scientist, George Soros, sitting in his DeLorean telling everyone to quickly get in the car…

Billionaire investor George Soros said in speech in Trento, Italy, yesterday that European leaders, chief among them Merkel, have a three-month window in which to “correct their mistakes and reverse the current trends.”

“We need to do whatever we can to convince Germany to show leadership and preserve the European Union as the fantastic object that it used to be,” Soros said. “The future of Europe depends on it.”

So, enjoy the last few hours of the weekend kiddies, because as it stands right now we still don’t have the necessary 1.21 gigawatts, the flex capacity is kaput, and Marty is busy with his mom, making sure she doesn’t try to make out with him. The story really is a mess at this point…

Merkel Rejects Debt Sharing As Obama Urges Europe Action – Bloomberg