It’s Groundhog Day again in the markets! Repeat after me: Euro down, Greece unrest, sovereign debt panic, Angela Merkel, Jean-Claude Trichet. Euro down, Greece unrest, sovereign debt panic, Angela Merkel, Jean-Claude Trichet.Rinse and repeat, as markets collapse.
What I’m watching carefully is that despite incredible dollar strength, gold is threatening new highs. It’s funny though, not a whole lot of people seem concerned that this is signaling something: a full-blown global currency crisis. Currency crises are the most pernicious of market events, because it means that suddenly you don’t know how to value things. That means volatility. More ahead.
Moving on to other news:
- It’s the CONTAGION! It’s spreading! (Bloomberg). It’s like a giant, hedge-fund fueled green slime.
- Cut, cut, cut, says Trichet (Bloomberg). Is it just me or does Trichet look a little bit like a deer in the headlights
- Trichet keeps ECB nukes in the silo (Marketwatch). Headline of the day.
- Productivity continues to rise (Wall Street Journal). Of course it is. That’s because the five people left with jobs are doing the work of 50 people.
- The FCC wants to regulate the Internets some more (Wall Street Journal). That’s because, like, the Internet has grown too fast when it’s unregulated, you know?
- Another company joins the HTML5 parade (TechCrunch). For those of you who don’t know what that means, it’s like, bad for Adobe.
- Another great headline: “Facebook’s Mark Zuckerberg: ‘I’m CEO … b****!’ (Fortune). More confirmation that the billionaire is just a spoiled brat.