Tuesday, February 24, 2015


Today was truly the theater of the absurd.  Greece submitted their plan and it was immediately accepted.  It contained no numbers, promises to do what they have promised to do for the last 30 years and no explanation as to how they were going to get there.  Anyway, they have their extension and we will revisit all of this in four month or earlier if the government collapses or they begin to renege on their promises which they will probably do.

Janet Yellen testified before the Senate today in the first half of her semi-annual report.  She said nothing.  Do not expect any sort of a rate rise until well after mid year.

10 year yield crashed down to 1.66%  Somebody out there is making (or losing) a fortune on this vol.

Barca beat Man City 2-1 in the first leg.  Wonderful fun match.

It's snowing and freezing and I'm bored.  Might go Al Gore hunting.  He's sure to be some place where it is warm.

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