Showing posts with label Euro debt crisis. Show all posts
Showing posts with label Euro debt crisis. Show all posts

Monday, November 7, 2011

Mark Of The Beast II


Following alarmist end-times reporting on the turbulent state of the market and with the caveat that "numerology is a mrk (sic) of the truly loopy!" I feel it's only right to point out that the Bank of Italy believes it can bear an 8% yield. Many would argue that this absurd and superstitious obsession with so-called "mystical numbers" is little short of insane.

But an Ontario reader has this to say:

"Worth remembering though – it wasn’t long ago that no Government could borrow for as LITTLE as 8%. The modern era of low interest rates is quite a recent phenomenon, and it’s one of the things that made the huge superboom from 1992-2008 possible. No-one would have borrowed money for sub-primes at historic interest rates. Ironically low IRs followed from low inflation... and everyone borrowed, Texas consumers to Italian politicians alike..."


Interesting. Perhaps our worship of Mammon has destroyed the West's collective memory? Still, as the annoying phrase runs, that was then, this is now...

God bless,

LSP