Karl Denninger: The Game is About Done!

It's pretty much over at this point: This morning Germany had a failed Bund auction. That's not particularly noteworthy: It happens from time to time, but what's noteworthy is what happened to bond yields everywhere through Europe in response: They blew out. The Greek and Italian "problem" is no longer about Greece and Italy. It has been creeping into Spain, and more recently France, but this morning jumped into Germany and everywhere else "all at once." Capital has said "no more" to the ties in Europe. While this does not mean an instant implosion, it does mean one important thing: The willingness of capital holders to continue to permit deficit spending is coming to an end, and with the false "GDP" that this lie has been "supported" will also come to an end. Our lawmakers, for their part, continue to sing a happy song about how we'll get it done, but not today, since the "super-committee" was an abject failure. Covering up the failure was the fact that there were departments that had 10, 20, even 30% increases in the funding, found in the appropriations bills, that were passed in the House, even while the so-called "committee" was trying to find away to cut spending. Folks, this political game of lie, lie and lie some more cannot go on forever. Eventually, the waiter appears with the check, and you pay it, wash dishes, or get arrested for theft!