When German Chancellor Angela Merkel dropped her government's insistence on forcing a rescheduling of Greek government bonds Friday, it ended a six-week standoff that threatened to halt any more loan payouts to Greece. S&P down for six straight weeks.

Six-week standoff by the Germans. Coincidence?

We already know the US government is going to spend more money, with or without QE3. They have already recklessly spent billiions of dollars.

Last week was another example of stupid spending when the US' inspector general for Social Security, Patrick O'Carroll Jr., revealed to us that the Social Security Administration made $6.5 billion in overpayments to people not entitled to get them in 2009, including $4 billion under a program for the very poor.

In all, about 10 percent of the payments made by the agency's Supplemental Security Income program were improper.