Graphic video shows the last moments of Gaddafi

If this video is authentic, then it shoots a hole (poor choice of words) into the idea that Gadaffi was killed in an excahange of gunfire. It looks like he was shot in a moment of mob violence and rebel chaos.

I guess Gaddafi was right that he would die in Libya. I'm sure he had many chances to escape. You can see the bloody but alive leader as he was beaten up pretty badly.

Officer gropes suspect and then uses his reaction to justify search and arrest

Cameron insists that the Eurozone only has two weeks before it could go bust

Just two weeks? via FT:

Now the Euro is in real danger of crumbling.  We've said it here 100 times.  The Eurozone should not bail out anyone just because they share a currency.  This is folly. 

David Cameron has urged European leaders to take a “big bazooka” approach to resolving the eurozone crisis, warning they have just a matter of weeks to avert economic disaster.

Sausage the Dog at all the greek riots, becomes the symbol of hope

Check out the new symbol of the Greek riots: a dog.  This dog is seen at all the Greek protests.  I like this symbol over the US Occupy Wall Street symbol, who is an unshaven guy with greasy long hair.    I seem to see him at every demonstration

Challenger job cuts triple as US Army and Bank of America lay off en masse

What happens when the US Army announces a 50K reduction in troops coming home from Iraq and Afghanistan and mix in a 30K reduction from Bank of America, and what do you get?  An employment bloodbath. 

Bank of America will not be the last bank to undergo significant reductions, they are just the first.  Look for rising unemployment.  Just in time for the 2012 elections. 

Obama is so toast. 

Excluding the US Army and Bank of America, layoffs would have come in under 40k which is on the low end of trend. Still, today's results could be signaling increases ahead for jobless claims.

Greece officially enters death spiral territory as price of bond insurance soars

Just when you thought Europe could not go any further, Greece announces that it is on a death spiral.  If that is the case, they would be wise to get their default done sooner rather than later.  And when they do default, Germany would be wise just to let it happen. 

Why does being in the Eurozone imply a protection against default.  I have never been able to figure that one out.  For me it just a backhanded way for Germany and France to prop up their banks which had been binging on Greek debt for some time prior to the financial crisis. 

Via CNBC:

Drowning in red ink, Greece has nowhere to turn to revive the economic growth that might put its debt on a sustainable trajectory, reassure angry foreign creditors and offer hope to its recession-weary citizens.

Instead, the country finds itself in a vicious circle—a death spiral, some would say—in which it is borrowing ever more to keep up on its existing debts, crushing growth in the process and thereby worsening its all-important ratio of debt-to-gross domestic product.

Springing the debt trap would not be a miracle cure either: a manageable level of borrowing is a necessary but not a sufficient condition for Greece to start restoring competitiveness and resume growth after three years of economic contraction.

See the Greek spreads over German and the German CDS spreads below.  It is not getting any better.  In fact, the longer they play this bailout game, the less confidence foreign investors have in their bonds. 

Current Greek Spreads over German Bonds

Current Greek CDS Spreads