Monday, June 8, 2015


Or, instead of now what maybe it should be "where do we go from here? I have the same answer; who knows?  The G-7, other than another embarrassment for Il Duce who, despite a clearly rigged press conference where he couldn't even get a good swing at the beach balls that were being lobbed over in lieu of questions, gave no one any clue.  Despite supposedly good economic reports, the dollar got hammered today causing the 10 Year to retreat to 2.38% as opposed to the Bund which rallied a bit in the face of dismal news about Greece.  The somewhat surprising results of the Turkish elections did nothing to help the mood as the new best place to lose money was to be long emerging markets.  I just haven't figured this out at all.  Time to call somebody smarter than me--which gives me a broad perspective.

The other thing I don't get is the joint resignation of the two guys that jointly ran DeutscheBank.  I mean, OK, the numbers stink and they really haven't gotten over the death of  my friend, Blessing who was the chosen one damn near 30 years ago, but this is getting silly.  Then off they go and hire the CFO of UBS, who while not part of that Swiss mob and by all reports a good guy, comes from an institution so ill-managed and of so...ah...questionable to be nearly the poster boy of what a bank should not have been over the past 10 years.  As Peggy Lee would have sung, "Is that all there is?"  There are a couple of guys I can ask about this one.  I'm beginning to feel stranded.

Finally, come the Greeks.  I am really beginning to feel sorry for them as they are so over their heads to the point of now beginning to wash their dirty linen in public.  It is a sad sight but unless the Euros decide to simply keep them alive for another year or so as that being the least bad of solutions, it looks as though the game ends in a week or so.  They really don't deserve much but they are a proud people.  Bummer.

The only good thing in the past few days was the wonderful European Cup final played at a incredibly high level by two teams--not equal in "quality" as has become the new word--but in spirit and grit.  We need to see a bit more of that in those around us.

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