European markets took a big hit today, obliterating any hope generated by yesterday’s rally. Contagion is back, baby! …
Italy and Spain led the downward trend, with the latter index briefly down over 4 percent. Yields on Spanish government bonds continued to push 6 percent, but did not exceed that benchmark level.
via Business Insider.
The wheels are falling of the bus. Italy and Spain will soon be Greece, Ireland is not far behind. The Germans cannot afford to bail-out all of the Eurozone. They too will fall if pushed much further.
Our own demise is not much farther away. The debt is staking up with no end in site. Investors have to make the choice of holding Europe’s bad paper or the U.S.’s bad paper. They’ll choose to hold neither.
Good time to get into the long term commodity market.