From Zerohedge.com:
Repress extend-and-pretend; dismiss the can-kicking; and forget fake-it-til-you-make-it; Charles Biderman of TrimTabs recalls Jim Bianco’s quote of the day onSpain’s ‘Delay-and-Pray’ as the new normal for what is rapidly moving beyond farce in Europe. Beginning with the nations’ own ‘silly’ perspective that the problem is ‘unquantified’ at the moment – implying it is in the trillions (which we already knew, but as long as they don’t actually quantify it, it’s not real – like the tooth fairy) – Charles goes on to destroy the hope that Germany can save them all (too big a problem now) and with state and local debt mounting trouble upon trouble the only outcome is a failure of the Euro. But it’s not just Europe, between benefit payments and deficits, unexpectedly low returns for pension funds (thank you Ben), and union ignorance, the US is set for just as big a problem (though given the printing press we may just last a little longer). This leaves our union pension and government officials with the same solution of ‘delay-and-pray’ as they hide in ever more intricate ways how much they are stealing from the future to cover the here-and-now. Biderman’s back and this time he’s really ‘ranty’ right to the end as he calls them out for criminal fraud.
