Excellent Chart on the Euro Problem

The house is on fire, but politicians are discussing if buying a second dog would make the property safer, and what kind of collar it could possibly wear.  [And allowing soldiers to arrest and detain citizens indefinitely]

Should we believe ECB’s Noyer when he says (11/28) “The economic situation in Italy is not that bad”? Why then, may one ask, did Italy prefer not to release its Q3 GDP data (was scheduled for 11/16)? Is the third-largest government bond market on earth wrong in yielding 7-8% across the curve?

No, it is “not that bad”. It is horrible.

If you don’t believe it’s horrible, look at the chart.  If you do believe it’s horrible look at the chart to see just how horrible it is.



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