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The utterly obvious is taking a long time to happen – the big breakout in inflation in Europe, US and Japan.
It’s coming but we maybe years off. In any event things are looking better in Europe in terms of crisis management.
The printing of money looks like it has a “GO.”
No wonder the market is rallying.
Long may this rally continue!
I topped up on French connection and bought some more of the crazy Bank of Ireland. According to Bloomberg data sovereign 3 year interest rates in Ireland have collapsed in the last few weeks back to normal levels and I’m gambling that means Ireland is out of the woods.
If Mario gets his “reflation game” on it is more fuel to the banking recovery and Ireland looks like a non-ridiculously dangerous PIIGS to try on for size. Hence Bank of Ireland should bounce nicely and potentially big.
Pace, which I’m out of, is up another 10%. Always galling but there is nothing to be done. You can’t get the bottom and you can’t get the top, catching the middle is just fine. But being human it rankles – more rankling is sure to follow.
It was interesting to hear Pimco’s Bill Gross talking about “reflation” rather than inflation. Like for me “reflation” has become a code word for “inflation.” The question is when are we going to see a surge and what is the benchmark to watch.
An old style 70s basket of household goods would already show a lot higher inflation than the official figures currently show.
