He who places his hope on thee, O Virgin all-glorious, will prosper in all he does.

Inscription on Byzantine coin during reign of Romanus III

Wednesday, December 28, 2011

Nothing Beats A Big Cash Spigot

The Eurozone issue is over, except for the Nervous Nellies' daily skittishness. A sovereign debt put option, written by the European Central Bank, has already paid dividends by stabilizing Italian yields.

One interesting byproduct is that Jon Corzine's monster bet on Eurodebt would have paid off, but he lacked the liquidity to stay the course. Tough luck, bud.

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