The month of January was kind to equity investors, metals and other commodities. The star performers of last year, U.S. Treasuries, had a quiet month as the FED‘s latest policy statement provided a month-end boost to the long end of the market. I have argued that the BOND markets are badly broken because of the continued intervention of several of the world’s central banks into the sovereign debt markets via QE PROGRAMS of various sorts.
Tags:Bond, bond vigilantes, ECB, Euro, Fed, gold market, LTRO, Portuguese 2-year note, QE
Posted in ECB, Europe, Gold, Portugal | 3 Comments »
Greece is balking at surrendering its sovereignty as the Merkel-led European elite is shouting for more austerity from the “profligates” in an effort to insure the large continental banks against the ravages of default. As one reader e-mailed today, IT IS AS IF THE GERMANS ARE PLACING THE ENTIRE NATION OF GREECE INTO DEBTORS PRISON. Life was much easier when a country could send in its gunboats to collect its loans.
Tags:ECB, GIIPS, Jean-Claude Trichet, LTRO, Maria Bartiromo, Mario Draghi, Portuguese 2-year note, Spanish budget
Posted in ECB, Europe, Portugal, Spain | 2 Comments »