Is this right?

The US government comes within hours of defaulting on its sovereign debt and it's S&Ps fault?  For what?  For causing the budget defect, or for daring to mention it? 

Both, actually.  S&P gave AAA ratings to all those bogus CDS which have now proved to be worthless.  I'm glad they pulled the curtain back on the national debt and let a little sunshine in.  I hope it scares the hell out of everyone because the world has a problem it can't solve and it will fall apart all by itself, no matter what the FED does – no matter what the ECB does – no matter what the IMF does (which is basically to steal countries for private individuals).

OK, so the FED has spent all the money it didn't have and the ECB is going to do the same thing.  Then they will own all the bad paper – that is to say, the taxpayers of the world will own all that bad paper so the rich people don't have to take a loss. 

They don't have enough money until they have ALL the money and can create a depression – and then buy up the rest of the world with our money. That's what all of this boils down to and that's exactly what is happening.

Are you growing food yet?  

On finance.

This is beginning to get crazy.  The European Central Bank (ECB) says they will jump into Spanish and Italian bonds in a big way.  The G-7 says it will do anything necessary to stabilize the markets.

If the markets are unstable, there is a reason.  The US is now out of options and no matter how much bad money the ECB tosses after bad debt, the markets will not stabilize.

If you are short gold, you are going to get a margin call in twelve hours.  People who don't have the funds will be sold out of their positions and gold will go higher again.  More margin calls. You know gold is going up on margin calls because (1) no one sells into an uptick, (2) silver isn't keeping up and (3) platinum is actually losing ground.

As I write this, gold is less than $12 from the $1,700 mark and silver hasn't broken $40.  I hope I wake up in time to come in here and watch the New York market open.  Monday will be a fun day.