The Stocks are up so the super computer market analogy that is the efficient market hypothesis is telling us that all is well in the land of money, so the TV and Radio presenters report to us. Frau Merkel has slayed the market dragon, the Germans and the French can especially rejoice, Happy 2.0 (or whatever bailout number we are up too)
Maybe this is an efficient market? but with all that free just printed money sloshing about in the banks and corporate accounts, I have my reservations. In an efficient market it is small and medium sized business that does the donkey work and brings home the bacon and the jobs, the Eu and our own government don't come across to me as geared to the main players, they like the big players to be part of their gang, no doubt the freebies are better.
“Europe’s macroeconomic position can only recover, and the sovereign debt crisis can only be addressed, through underlying economic growth and we do not see the European Union creating the conditions for that - in fact quite the opposite,” Simon Henry, chief financial officer, Royal Dutch Shell. At least one Corporate knows how things are.
And Merry Christmas to the traders and dealers in the City, after a horrendous year with blood on the carpet at least you might have a chance now of a reasonable bonus, personally I would buy yourselves a golden can to kick....Wait a minute!
The questions on those 10 year Italian Yields can wait for January I suppose.
Hugh Hendry at the LSE, lets recap.