Crap Assets! Eurozone Riots! Coming Soon!

Nobody wants to pay top dollar for the pieces of Big Shitpile still held by European banks:
(The banks want to sell their assets near “par”–the value the banks are carrying the assets for on their books–because then the banks won’t have to take losses that would further deplete their capital. The buyers, meanwhile, want deals, and they know that time is working in their favor.)
So now that banks are moving to Plan B, says Gore, which is financial engineering.
Specifically, the banks are packaging up bunches of crap assets, putting pretty bows on the packages, and then using the packages as “collateral” with which to obtain emergency loans from the ECB.
And as Spain, Italy, and Greece circle the drain, Britain is warning its expats to expect, of all things, riots when the Euro collapses:





Title: “Being George Washington: The Indispensable Man, as You’ve Never Seen Him”
Our guest Black Friday columnist says that mixing firearms and alcohol makes a great gift idea!