What is there to say. Claims are up. That’s not a good thing.
Initial Jobless Claims
The yield on Spanish bonds are up 85 basis points in 2 weeks. That’s a very steep increase in the risk premium in a really short period of time. That is a warning signal if ever there was one.
Okay, there was a great piece in The Wall Street Journal on Greece yesterday. $898 Million was withdrawn from Greek banks on MONDAY! One day, 700 Million Euros disappear from the Greek banking system. That’s not a good thing! What’s going to happen to Greece? It’s like a multiple choice test:
A) Leave the Euro
B) Repudiate their debt
C) Renegotiate their debt
D) Repent and do what the rest of the Euro nations want them to do
E) None of the above
My answer is ‘F’, which is also just happens to be the grade I would give Greece for their handling of their entire economy.
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
445 North Blvd, 7th Floor
Baton Rouge, LA 70802
P.O. Box 44154 Capitol Station
Baton Rouge, LA 70804-4154
One City Plaza, 7th Floor
Corner of North Blvd & 4th Street
Exit 1B I-110 Convention Street,
Turn Left to get to North Blvd,
Turn Right on North Blvd