Wednesday, January 27, 2010


are on the barby today.

CDS swap rates widening considerably, capital flooding into Bunds.

From a historical perspective, how long will Germany continue to be the responsible parent in light of all these children running around? The EU has not had enough
history to reach some sort of critical "cultural mass" and there appears to be no
Lincoln (divided houses and such) to unite them.

Unlike the United States of course, where solidarity is our tradition, and the coming financial capitulation of several states will be met with debt issuance and federal assistance.

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