Dublin Down

Confusion that never stops
Closing walls and ticking clocks
--Coldplay

Ireland becomes the latest recipient of EU bailout funds. Credit spreads of Spain and Portugal blow out more, suggesting stiff competition for next position in the Continental bailout parade.

There is increasing evidence that 'forced austerity' is not sitting well with sovereigns. Those inside bailout countries don't like being told what to do by outsiders. Moreover, ECB suggestions that everyone must share the pain will be distasteful among those who made prudent choices in the past.

Textbook behavior that can be under the heading 'why socialism doesn't work.'

Also, seems like sovereign pushback constitutes deflationary forces against central bank inflationary forces, no?

Hard not to sense that we're a couple steps closer to a collapse of the EU after the wkend activities.

position in TLT