Watching paint dry, I stumbled on the reflections of Damien Cleusix today. Really good stuff and well worth reading.
Here’s the link from Zerohedge.
And this is just funny. Sarkozy is excitable and he wants the electorate to know. They released some news this morning that he was ready to go quickly to Frankfurt this afternoon.
It started to rain and the markets finally started moving, with the $VIX pushing 35 and the $ES_F touching 1203, it’s time to start paying attention again. And this caught my attention…
The CHART OF THE DAY shows U.S. government debt divided among every man, woman and child will exceed per-capita gross domestic product this year for the first time in International Monetary Fund records dating back to 1980.
The amount owed will reach $46,771 per person, surpassing the $46,750 in output, according to Bloomberg calculations using the IMF’s deficit and growth projections from its September World Economic Outlook. Debt will exceed production by $8,000 per person by 2016, reversing GDP’s $18,400 advantage as recently as 2007, before the world’s largest economy fell into the recession and government spending surged.
It’s hard to be bullish when you’re bombarded with little doses of reality.
I set up some $SPY Nov 121/111 bear spreads this morning and rest firmly bearish on “Europe” and the $EURUSD.