Some lunatic ordered the murder of 300 souls in an airplane flying at 33,000 feet. The best that can come out of this is that it was a Ukrainian nationalist of Russian origin; the worst that the missile was fired from Russia itself. Either way, there is going to be hell to pay as a good number of EU nationals were killed today by the imperial ambitions of Vlad Putin even if the boys under his direct control didn't pull the trigger. A have to believe that is the case as he is certainly not that stupid But even if that proves to be the true, if there were U.S. nationals on that plane…
While that was going on, Israel decided it had endured enough and crossed the border into the Gaza Strip with perhaps as many as 48,000 troops. This time I suspect they will not be content with blowing up a few houses. Meanwhile, The Leader is headed for New York for not one but two fund raisers. I find it difficult to conceive how he can yuk it up while this is going on. Forgive me, but tone deaf doesn't adequately describe the guy. Joe Biden has the conn. Huh?
Anyway, that took care of the markets today and the rush for safety was on. Equities got killed and the ten year traded to a 2.47% yield. I don't know what happened to the Bund. The Euros are now in a hell of a bind as their natural aversion on doing anything to displease Russia may be overtaken by nationalistic outrage which could affect markets either in a positive or negative sense, that is to say if the outrage reaches the point of really serious sanctions, the economies could face a serious negative fall-out which could outweigh an otherwise flight to safety. One thing for certain; none of this can be good for the southern tier. A collapse of economic activity at the present time would have a devastating effect and this is precisely what is on offer. I suspect that everyone is on high alert for increased terrorist activity if history is any guide. Bye, bye the summer tourist season when the first bomb goes off. No, not a good day at all.
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