So Italian bonds have crossed the sustainability line of 7%. Europe has lurched another step closer to the abyss. Our own finance minister is is provisioning the bunker and boarding over the windows to wait out the storm. If this doesn't look like 2008 it surely smells like it.
It appears that the Bank of Canada is getting ready to once again buy sketchy debt from our perhaps not quite so fortress-like banks. Policy initiatives are being postponed. Our deficit hawks have all too belatedly become deficit skeptics.
Stay tuned . . .
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