Amusement park opens for summer season

What better way to counter the now imminent arrival of yet another oppressively bleak summer season than to have the information zoo repeat - no less than 580 times*, according to Google - 'We Are on the Verge of a Great, Great Depression".

For ourselves - and our political movement, the Partido Monotonista - debt-derived recessions are essentially really boring, range-bound events. The edited Bloomberg chart of the recent history of the Spanish 10-year bond does nothing to disabuse us of our fantasy (although the original spike threatened to). The peak intra-day yield following Merkel's 'burden sharing'-induced runup last November reached 5.67 percent. The predictable reversal brought it back down to 4.95 over the following week. Those two figures have now defined the range of the bono for 6 months straight.

*The items are a reference to a CNBC interview with the Sultan of the Simple Metaphor, Peter Yastrow. Here's an example of him hauling out that intellectual black hole, Newtonian physics, as a model for economic growth.

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