What’s New In “Avoid Debt Destruction By Any Means” European Soap Opera Today? Additional Proof That Bank Failure’s Imminent

Tuesday, August 30, 2011
By Paul Martin

by Reggie Middleton

The pop media is reporting that Italian yields are falling relative to the last auction, but they are failing to mention that the relative yields on Italian debt as compared to the German Bund are already rising despite the ECB intervening and buying up Italian debt in the secondary markets in order to support its price. Historically, the ECB has failed to support bond prices of all indebted EU nations it has tried to save since the beginning of the malaise. As I commented yesterday in Did You Know That The Upcoming Italian Auction Can Spark Contagion That Touches US Banks:

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