While America Gave Thanks, the Fat Lady Sang in the Eurozone

Contagion continued to rake the Eurozone today, reflected in 10-year bond yields and elsewhere:

...we thought we would once again remind readers just what the very simple math behind the entire spectacle is, which Europe tries so hard to ignore with each passing day. Because at the end of the day it is a very simple tension: there is massive demand for fresh cash in the form of 1.7 EUR trillion in maturing debt (ignoring interest payments)...

Of this Morgan Stanley says, "Policy makers and investors have consistently underestimated the bank funding roll as a transmission mechanism of sovereign fears into the banks and real economy."

...[The rollover funding crunch] is precisely what Europe is now fighting each and every day with, coming up with crazier and crazier plans to mask the fact that no matter what, there simply is not enough cash...

...Because while the [above] chart shows cash demand needs, the ... one [below] shows that when it comes to cash 'supply', or said otherwise issuance of unsecured debt, the market is now completely and totally dead. Indeed, November issuance is just laughable as the red-boxed region so vividly demonstrates.

...And that, in two charts is that - everything else is hype, rhetoric, smoke and mirrors.

Or, in terms even progressives can understand, it's Game Over for the grand European Democrat Social Welfare State™ experiment they desperately tried to make America emulate for lo these many decades.