Obama and Bernanke destroy the Sovereign credit of the United States

"Mr. President, you, in re-nominating Bernanke and not putting a stop to both the outrageous deficit spending and allowing Bernanke to back himself into this corner without removing him, have destroyed the sovereign credit of the United States.

You may not recognize it yet, and neither has the market in the main, but I assure you that recognition will come, and precisely where the "tipping point" happens to be where you no longer have any meaningful degree of control over the situation is not determinable in advance."

Karl Denninger calls it like it is.