Wednesday, May 12, 2010


In the beginning of April I discussed the VIX and MOVE indices and the complacency that was evident in both the US stock and bond markets. Read my earlier post. Since then, the Greek debt crisis unfolded into a confidence crisis in other Eurozone countries, and led to the May 6 crash of the US stock market. The situation has been temporarily calmed with the announcement to throw more money at the situation. The Europeans have decided to do what the Americans have already done. Handling debt problems by borrowing more is not only ironic, but moronic. In my opinion the piper is waiting to get paid.

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