In the Travel Channel show Man vs Food, a food eating contest pits Man vs a huge amount of food and/or something very spicy typically within a specific amount of time. While Man mostly wins, the quantity of food and its spice creates a limit that not even Man can overcome. What we are seeing playing out now is Politician vs Market where the debate of spending vs saving to generate growth is the daily topic and highlighted at the G20 meeting. What we’re seeing in Europe are not politicians who all of a sudden decided to put their budgets on a diet but a market that is forcing it on them as its either that or face a higher cost of funding. Big supply alone today from Italy, Belgium, France and Germany has European bond yields higher across the board notwithstanding the weekend commitment to halve deficits over the next few years. Germany said they will expand their bank stress tests to 100 banks as 3 mo Euribor moves to fresh 9 month high.
Politician vs Market
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