Empire of Dunces



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OK. So Spain has been downgraded. Shocking, I know. I believe that I have made my disgust with the various rating agencies abundantly clear in the past. It should be no secret that nobody should trust what these people say. Nonetheless, this is another fairly clear signal that things are continuing to get worse in the Euro Zone. Remember, this is how – as far the public goes anyhow – it started in Greece as well. In addition, Germany too was unable to fully place its latest bond offering (at customarily ridiculous interest rates). There is no recovery. V-shaped or otherwise.

If you have followed my advice, then rest easy and enjoy the ride.

Until soon


Written by gloege

May 29, 2010 at 01:01

Posted in Uncategorized

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