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its currency creation or the demise of the eurozone. its the worst monetary system evah, even the gold standard constantly “printed money” via mining.
As far as I’m concerned, I pay attention to these spreads to tell me where the market is going. Yes the politicians are committed to an inflationary outcome, and 50% of my brain wants them to succeed. The other 50% says they will fail, at least in Europe. The debt has to become manageable. I don’t think they will be able to engineer that, and they won’t manage to engineer a solution to their structural problems. Someone will fail somewhere–and probably many will fail in many places. We are flying through the Roman centuries and fast-approaching the Christian era. Bad for stocks and for road building.
Just my two cents. Thanks for posting this and keeping everyone on their toes.