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What’s in a bailout? Who cares – it doesn’t even matter anymore. Central planning has become the de facto catalyst in the markets. Everyone is hoping and praying for Bernanke to reload his clip and destroy the dollar despite being out of bullets, according to Hedgeye CEO Keith McCullough. No wonder Hank Paulson is busy puking in garbage cans; this bailout business is enough to make anyone sick to his stomach.

THE PAIN IN SPAIN FALLS MAINLY ON THE IMF  - IBEX

Hedgeye Financials Sector Head Josh Steiner noted an interesting point earlier today, which is that the IMF has $750 billion in “commitments.” What’s in a commitment? $100 billion from the U.S., $100 billion from Japan and $178 billion from the EU, to be exact. When the collateral call comes (and it will), will these countries actually be able to step up to the plate? Time will tell.

Growth IS slowing. China at least will admit to that. July 17th’s GDP report will be yet another data point that’s hard to swallow. But for now, all eyes are on Europe and it’s something not to be taken lightly.