The failure of the Germans to sell all their bonds today signals a dark turn for the euro. I don’t think that the lack of demand for German bonds reflects a lack of confidence in the German economy (although there have been signs of an economic slowdown there) but rather the fear of investors to hold anything denominated in euro. That fear suggests that the euro will fall in value. Not a good day for the European Union. But it’s not a good day for the rest of the world, either. The economic slowdown in Europe is having a serious effect on economic activity in China.
Have a great Thanksgiving!
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