Some news:

Spain came out with a budget. Apparently that's what boosted the markets? Meh, I give it a day.

FT Alphaville - explaining how the Germans have fucked over their supposed "partners" with the recent declaration by the Aryan Nations Teutonic Bloc Axis Powers aw hell there's no nice appellation.

BI - Spain's budget assumes a 0.5% contraction next year. Like I said? Moving along....

Bonddad - Uh-oh, NDD has changes his tune. No longer poking fun at Achuthan, he now worries that the US durable goods orders presage a collapse. Just wait til earnings season.

And back to FT Alphaville - they're now resorting to channeling the ghost of Tanashian. The theory? Bernanke's "QEternity" is meant to make the world think that hyperinflation is right round the corner! Muhahaha! Genius!

The theory (far as I can tell) is that in a deflationary depression, like where the US is now (minus the negative growth, for now) the fat lethargic money hides out in a cubbyhole full of low-risk low-return debt instruments. Bernanke wants to scare it out of its hiding place, out into the open where it can go into capital spending. How do you do that? By threatening to make that money worth less next year.

Thus the part where Kaminska says "in other words, let Zerohedge, Max Keiser, Ron Paul, Jim Rogers, and Paul Ryan fan inflation fears. They might actually be doing the world a propaganda favour."

And the cherry on top? This is the last QE. Cos there can be no more QE when this QE is promised to never end. And why is that a good thing? "If the market knows it can’t ask for more QE, it will have no choice but to ask for fiscal spending next time round". I.e., Bernanke's done; if this QE peters out in its effect, it's now entirely the politicians' fault.

And god knows you're never going to get the fucking politicians to ever do anything without the full force of Wall Street holding a fucking gun to their heads.