As The World Turns, The Contagion Spreads: I Can Hear The Pitter-Patter Of Feet Running From European Banks - Are YOU Ready For

"In the meantime, contagion spreads...

My last couple of posts have been focused on monetizing this amazingly sharp break in the world equity markets.

• Timely Trading Tips For 8/5/2011
• Game Over For The European Ponzi Scheme? Monetizing Pan-European Sophisticated Ignorance Via US Options, Part 1 For Retail and Professional Realists

I urge all not to forget what has caused this, because if you fully grasp the cause you know that this is now 1 week affair. A LOT of unwinding needs to be done. I'm not saying their won't be short squeeze induced rallies or TPTB won't start QEing use again, but at the end of the day, this shit really must (and will) fall apart at the seams. It's the only path to true economic growth. In the meantime, the contagion spreads:

RBS Posts Wider-Than-Expected Loss on Greek Writedowns, Insurance Payments

Royal Bank of Scotland Group Plc (RBS), Britain’s third-biggest bank, swung into loss in the first half after writing down the value of its Greek debt and setting aside funds to compensate insurance customers.

The net loss was 1.4 billion pounds ($2.3 billion), compared with a profit of 9 million pounds in the year-earlier- period, Edinburgh-based RBS said in a statement today. Analysts had estimated the bank would have a 571 million-pound loss, according to the median estimate of five surveyed by Bloomberg. The lender wrote down its Greek debt by 733 million pounds..."

at http://www.zerohedge.com/contributed/world-turns-contagion-spreads-i-can-hear-pitter-patter-feet-running-european-banks-are-y