European bailout doesn't pencil out 

A stone gargoyle has a panoramic view of Paris from its perch on the Cathedral of Notre Dame. Image via Matt Ragan/Shutterstock.

Events this week are more "Ripley's Believe It or Not," or "Saturday Night Live," than financial market proceedings.

Italian 10-year bond yields screamed from mid-sixes to 7.48 percent on Wednesday, collapsing U.S. and European stocks. Then somebody bought a lot of those bonds to put out the fire, or gave orders to banks to stop selling, yield back to 6.89 percent. The European Central Bank says it is forbidden to buy sovereign debt to bail out nations, but the ECB is the last hope to buy significant time. And, on a continent in which everyone says one thing and does another, buying time is all.

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