Towards the end of a great Rush concert at Jones Beach Saturday night, the band broke out into one of their classics, ‘Closer to the Heart.’ Following the release of the European bank stress tests where sovereign default was not a criteria and with growing pressure on the US Gov’t to show some spending restraint, the 1st line of the song never seemed more fitting, “AND THE MEN WHO HOLD HIGH PLACES MUST BE THE ONE TO START, TO MOLD A NEW REALITY…” We of course include women and the point I’m trying to make is that much of the direction in markets over the next 6-12 months will be highly influenced by the actions of governments in the developed world and whether the Europeans right now and inevitably at some point our very own Uncle Sam can meet the new fiscal reality the markets are demanding. “PHILOSOPHERS AND PLOUGHMEN EACH MUST KNOW HIS PART TO SOW A NEW MENTALITY…”
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