The fiscal cliff is over. And it turns out it was just a reality TV show that was devoid of reality. Taxes are going up on everyone. Make sure you check your paycheck, because you’re included too, not just the dirty, rotten rich.
Now that Fiscal Cliff, the TV show has been cancelled, Wall Street is back to concentrating on the normal cliffs they usually worry about: the earnings cliff, the interest rate cliff, the money printing cliff (QE4EVER! <3 <3) and whatever other cliffs that worried traders can dream up for gullible journalists to write about.
I always find it hilarious to read AP/Reuters reports that tell us why the market is going up- or down. I’ve talked to people who write the news; I know some of these folks. You could tell them that the market was going up because Justin Bieber was getting breast implants and some of these guys would write it.
But here’s the bigger problem: Governments today are chronically unable to solve the very issues that they propose to solve.
For example, the Vatican can’t take credit cards anymore.
Why? Because governments can’t solve even simple problems.
This from CNN:
Vatican museums and shops have been unable to accept credit or debit card payments since Jan. 1, after the Bank of Italy prevented Deutsche Bank from providing the service due to concerns about financial oversight in the city-state, sources familiar with the matter told CNNMoney.
The Vatican has taken several steps in recent years to improve its record on banking supervision. But a report last year by Moneyval -- an independent group of European experts -- found it was still falling short of international standards to tackle money laundering and other financial crimes.
Moneyval isn’t just an “independent group of European experts”- an oxymoron if ever there was one. They are from the government in the EU- and they are here to help. Think of them as the Patriot Act guys for the EU.
Yeah; THOSE guys.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 23rd, 2014 | John Ransom