The euro is down sharply today on the heels of renewed stress in Euro bond markets.
Read email I received from Warren Mosler, below:
|Greece - from bad to worse. As the markets worry about Greece pushing|
back on the austerity measures that need to be taken to achieve IMF
funding (politicians balking at being pushed out of their jobs by the
public reaction), the markets are showing their anger. The 10-year
spread to Bunds is just about to break 400bp (55bp wider today) and the
2-year yield is out ~150bp on the day. It's worth noting that in these
conditions there's very little true trading going on - there are no
bids, mkt is one sided. Even the domestic mkt makers are no longer
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