Nogger's Blog

06/09/11 -- The overnight grains are lower, clearly taking their lead from outside market influences. Crude oil is a couple of dollars lower (ie. in line with yesterday's "synthetic" trade).

The slow motion car crash that is the European debt crisis continues to rumble on, limping down the road to oblivion a little bit further before the engine finally blows.

The German courts are set to rule tomorrow on whether continuing to give away money to the EU bailout fund actually contravenes German law. The most widely anticipated response is that the German parliament will now have to vote "Ja" every time another tranche of cash is required, further slowing the decision process.

Greece are saying that they are all austeritied up to the eyeballs and need to roll over EUR135 billion of bonds by the weekend. The IMF and the European Financial Stability Facility are wagging their finger and saying "you won't get any more money unless you tidy your room".

Greece's big brother, Italy, has point blank refused to tidy his room and is playing his opera CD's very loudly. The twins, Portugal & Ireland, are demanding more pocket money to go to the cinema to watch "The Inbetweeners" even though it's a 15 and they are only six and Spain wants an iPhone "cos everybody else has got one."

Mum and Dad are contemplating divorce. Mum, Angela, has let herself go just lately as the stress is starting to get to her and appears to now have to get approval in triplicate before she can get her purse out.

Uncle Sam is refusing to help - saying that he's got enough troubles of his own.

Meanwhile a quick glance out of the back window shows that the garden has gone to pot.

Maybe we should ask the gay bankers across the road for some help. Morgan and Stanley, they're loaded. Bugger me, is that a "for sale" sign?