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German euro founder calls for 'catastrophic' currency to be broken up(The Telegraph)

RF: It's only a matter of time in my opinion.

Pimco's Gross: Central-Bank Policies Impose 'Haircuts' on Investors(Bloomberg)

RF: Just more of the tax the rich stuff.

Pimco's El-Erian: Unwinding Fed's Bond Buying Will Have 'Collateral Damage'(Moneynews)

RF: We have a twofer from PIMCO today. If we go back to the Harry Dent analogy then the damage will be when the government withdraws the "crack" from the system the system goes into withdrawls.

Restyled as Real Estate Trusts, Varied Businesses Avoid Taxes (NYT)

RF: Much ado about nothing in my opinion. By law REITs have to pay out 90% of their taxable profits to shareholders who then have to pay the taxes. This really isn't much different than mutual funds who don't pay taxes either. They pass their gains out to the shareholders as well.

Fed's Dudley: More Needs to Be Done to Help EU, US Economies(Reuters)

RF: LOL! Really? More than printing $85 billion a month? Maybe it's time to try a new strategy instead.

Cyprus goes from bad to worse by the day; so does Portugal (The Telegraph)

RF: A new article by Ambrose Evans-Pritchard. Always worth reading.

Gold Price Falls Below $1,400 for First Time Since March 2011 on Fears Bull Run Is Over(AP)

RF: And just like that gold losses another 5%. We now have an official Bear Market in gold. How much lower will it go?

Fed's Lockhart: Central Bank Isn't Monetizing US Debt(Bloomberg)

RF: Don't you just love it when they lie to your face?

"Fed officials led by Chairman Ben S. Bernanke have said repeatedly they would not try to monetize debts by increasing money and stimulating inflation. Bernanke has urged Congress and President Barack Obama to put fiscal policy on a sustainable path."

That is a flat out lie. The Fed officially started targeting a 2% inflation rate in January of 2012. In fact it was described as a victory for Bernanke.

"The Federal Reserve took the historic step on Wednesday of setting an inflation target, a victory for Chairman Ben Bernanke that brings the Fed in line with many of the world's other major central banks.

The U.S. central bank, in its first ever "longer-run goals and policy strategy" statement, said an inflation rate of 2 percent best aligned with its congressionally mandated goals of price stability and full employment."!

IMF's Lagarde Worries About Economic Recovery 'Fatigue' In Eurozone, Mandatory US Budget Cuts(AP)

RF: I'd say they better get used to it.

Obama orders same policy that sparked mortgage meltdown(WND)

RF: Get ready for Sub Prime 2!

FHA Might Need $943 Million Taxpayer Bailout(Reuters)

RF: This would be the same FHA that is pushing the banks to make more loans to people that can't afford them!