"Zombification of European economies, sovereign states, banks and financial instruments"
- Gerge Magnus UBS economist
FT headline discusses "Top Manager fears debt 'Crescendo', comments by Doubleline Capital chief Jeff Gundlach, the year's best fixed income manager. He is expecting a fall in 2012 so you better hang on to your dollars. "Capitalism without bankruptcy is like Christianity without hell" Frank Borman quote used by Jeff Gundlach.
This should be the year that the euro fell. There seems to be little to stop the process. Growth is not going to be the savior and taxes will not solve the problem. Restructuring, which means a hit to debt-holders will be the solution.
No comments:
Post a Comment