What'll you do when you get lonely
And nobody's waiting by your side
You've been running and hiding much too long
You know it's just your foolish pride
--Derek & the Dominos
Markets have been largely looking past the increasingly ugly debt situation in Europe. Sovereign spreads continue to widen. Yesterday, Spain got a debt downgrade from Moody's.
Situation continues to feel like 2007 before the mortgage dominos starting falling...
position in TLT
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1 comment:
The nationalisation of private debt injects considerable inefficiency into the economic system, inhibiting Schumpeter's process of Creative Destruction that is essential in a market economy and needed to maintain the private sector.
~Michael Pomerleano
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