Bob Janjuah Chimes In Next

Following up on his note from last week (posted here), Nomura's Bob Janjuah shares the following observations on today's market moving event.

Glad I put my note out last week. Folks way too focused on eurozone, where ORDERLY restructuring of greece and maybr too ireland and port, and meaningful fiscal adjustment, are both part of the l-t credible solution and where acceptance of this is a good thing in the long run as it means the euro and ECB are credible and not at risk of fiat money printing.

At the other end we have the US where the mrkt is way way too complacent abt the fast deteriorating credit risk of USA Inc., and where the hope for credible and meaningful fiscal adjustments are a mere dream, and where we have a central bank that knows only 1 (failed) trick - money debasement.