While the rest of the world is trying to get that godawful buzzing from S. Africa out of their ears and the US is waiting with baited breath for his Obamaness to find the "kick me" sign on his back, Europe decided to let fly with a few more ticks.

Yesterday we found out that European Banks Are Far More Exposed To The PIIGS Than Many Like To Admit
http://www.businessinsider.com/french-german-banks-piigs-exposure-2010-6

Today, Greek government bonds were lowered to junk.
http://www.businessinsider.com/greeces-new-junk-bond-status-will-force-major-investors-to-sell-2010-6

Tomorrow, the EU chief warns 'democracy could disappear' in Greece, Spain and Portugal
http://www.dailymail.co.uk/news/worldnews/article-1286480/EU-chief-warns-democracy-disappear-Greece-Spain-Portugal.html

Now I think that last one's a bit over the top, however, coming from the head of the European Commission it does have some weight behind it.

The stark warning came as it emerged that EU chiefs have begun work on an emergency bailout package for Spain which is likely to run into hundreds of billions of pounds.


Looks like the Greek pattern is already repeating in Spain. Publicly, claim you need no help, declare austerity, privately seek help, enter EU bailout.

FWIW, I've been accused of being down on Europe, so I want to be clear. I'm down on the whole of the western hemisphere who have dove head first down the rabbit hole of centralized, federal power and socialist Ponzi schemes to our own detriment and possible demise. The US is nearing a debt/gdp ratio of 1:1 according to government accounting. Business accounting puts US liabilities for Social Security and Medicare at $106 trillion. That is not a misprint. $106 TRILLION!

TICK!