Prince and Tom Jones Share a Birthday? - 6/8/2012


Here's what we're following this morning:

Merkel insists on a two-speed Europe - Financial Times | Germans believe that only a clear (!) roadmap for Eurozone integration will calm investors and restore confidence; every other country doesn't care about the stupid map and is forced to look for spare change in the telephone booths and Give-a-Penny dishes along the route.  Think about what this means, though: Merkel is supposedly wanting to keep the union, but she's implying that "all are equal, some more equal than others."

Spain expected to request bailout on Saturday - El Pais | This has been rumored and denied enough times.  Everyone knew Uncle Frank was a drunk no matter how loud or vehement his protestations.

That Flame virus? Turns out that only the world's best cryptography brains could have built it. - Centrum Wskunde & Informatica | Stuxnet was never supposed to get out into the wild, but it did.  Imagine what's going to happen when Flame gets out and stretches its legs.  Oh, and the method used by its coders?  It was in development as far back as 2009.

The Big Lie - Testosterone Pit | QE was never and will never be a boon to job creation or the housing market.  Call it for what it is: an elevator for the Russell 2000.  (Remember: Bernanke admitted he was pleased that the Fed's actions led to a stock rally.  Jim Grant talked about it here.)

President Cat Food - Counterpunch | The current one is already a disaster, and the new one would be a disaster, too.  We don't need more delusion that either candidate would serve our interests.

How to prevent drone pilot PTSD?  Blame the robot. - Wired | We are already becoming more and more desensitized to the concept of wanton violence and bloodshed, but it always seems to be at just the right (and fictional) distance.  Want to avoid the guilt that's associated with the human cost of remote air strikes?  Blame a robot.  The movie "Toys" had a happy ending; this won't.

Europe's vulnerable east braces for possible Greek exit - Wall Street Journal | Poland, Hungary, Romania, and the Czechs aren't faring too well from a Forex perspective these last few weeks.  Plus, higher borrowing costs are what they have to look forward to in the event of a Greek move.

Monetary easing fixes nothing - Charles Hugh Smith | Everyone wants QE, because everyone wants a higher stock market.  The problem is, that easy money -- the monetization of debt, the injection of additional liquidity into the system, the increasing of the Federal Reserve's balance sheet -- doesn't fix what's broken.  Enter the Big Reset.

Merkel's "more Europe" may mean more fiscal austerity - Naked Capitalism | Germany won't give it away for free; expect to see pounds of flesh extracted from the periphery time and again.  The problem is, we're running out of time for any type of fix to even matter.

America was bombed 1,000 times during World War II? - io9 | Puts that whole radioactive tsunami debris into perspective.  Kind of.