Shall we commence another round of european debt crisis or no? I say yes.
We are seeing a very worrying development in Europe today, as the strong economies bond yields plunge, the weaker nations, the PIGS (Portugal, Italy or Irelend, Greece and Spain) soar. Forget about everything that has happened over the past two months. If this european debt crisis reemerges, look out below. There will be significant carnage to be had. Look at the Greek banks today.
The NASDAQ is off by more than 100. CHK is down 50%.
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Renminbi to Yuan is OK today. Funny, in the old days we knew when Feds flooded the market with TARP money. Now it’s PBoC’s turn. Without their Foreign Buying it gets so ugly. I would be doing my Bear Dance but in Jeff Macke’s current post, he pointed out that it is bad taste to Dance. THANK YOU FLY FOR KEEPING HIM!!!!!