(Hopefully) combating the smooth contentment and squalid mediocrity of the times
Wednesday, November 9, 2011
Italy in the cross-hairs
Not sure how much play this is getting in the media, but Italian 10 year bond yields are now above 7% (at right). The country cannot afford to pay that much interest and a vicious cycle looks to be occurring as investors realize this and stop lending. While Europe had a chance to rescue Greece, Italy is the ~10th largest economy in the world and much too big to bail out. Those Euros in your drawer might just be a thing of the past pretty soon. We'll see how the Republicans feel about it tonight during the debate (at 6 MST).