Markets for the Week ending

Monetary Policy
9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
weekly change
YTD change
1yr forward (OIS)

North American
Bond Yields
9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
YTD change
change from 52wk high
change from 52wk low

Credit Spreads

September 9, 2011

Bank of U.S. Federal

European
Canada
Reserve Central Bank

Bank of Swiss Bank

England
Rate

1.00
1.00
1.00
1.00
(0.33)

0.09
0.08
0.07
0.13
0.01
(0.04)
(0.04)

1.50
1.50
1.25
1.00
0.50
(0.34)

0.50
0.50
0.50
0.50
(0.13)

0.25
0.25
(0.25)

GoC 2yr

GoC 5yr

GoC 10yr

GoC 30yr

RRB BEIR

0.79
0.95
1.59
1.68
1.94
0.79
(0.17)
(0.81)
(0.90)
(1.16)
-

1.29
1.48
2.33
2.42
2.90
1.29
(0.19)
(1.04)
(1.13)
(1.61)
-

2.11
2.30
3.11
3.12
3.50
2.11
(0.19)
(1.00)
(1.01)
(1.39)
-

2.81
2.96
3.55
3.53
3.87
2.81
(0.15)
(0.74)
(0.72)
(1.06)
-

2.11
2.18
2.52
2.41
2.70
2.11
(0.07)
(0.41)
(0.31)
(0.60)
-

10yr Ontario long Ontario 10yr Quebec long Quebec

9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
YTD change
change from 52wk high
change from 52wk low

0.90
0.88
0.73
0.67
0.90
0.64
0.02
0.17
0.23
0.26

0.93
0.91
0.81
0.80
0.94
0.73
0.02
0.12
0.13
(0.02)
0.20

1.03
1.01
0.82
0.78
1.03
0.72
0.03
0.22
0.25
0.31

International 10yr
Rates

Swiss

UK

Germany

9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
YTD change
change
h
from
f
52
52wkk high
hi h
change from 52wk low

1.01
0.98
1.73
1.72
2.16
0.87
0.02
(0.73)
(0.71)
(1.15)
(1 15)
0.14

2.26
2.44
3.38
3.40
3.88
2.26
(0.18)
(1.12)
(1.14)
(1.62)
(1 62)
-

1.77
2.01
3.03
2.96
3.49
1.77
(0.24)
(1.25)
(1.19)
(1.72)
(1 72)
-

China
China
Bank of Royal Bank Rediscount
Reserve
Japan of Australia
Rate Requirement Brazil SELIC

0.10
0.10
0.10
0.10
0.03

4.75
4.75
4.75
4.75
(1.24)

2.25
2.25
2.25
2.25
-

21.50
21.50
21.50
18.50
3.00

12.00
12.00
12.25
10.75
1.25

US 3mth

US 2yr

US 5yr

US 10yr

US 30yr

0.01
0.02
0.02
0.13
0.17
(0.01)
(0.01)
(0.01)
(0.12)
(0.16)
0.02

0.17
0.20
0.46
0.60
0.85
0.17
(0.03)
(0.29)
(0.43)
(0.68)
-

0.80
0.86
1.76
2.01
2.40
0.80
(0.06)
(0.96)
(1.20)
(1.60)
-

1.92
1.99
3.16
3.30
3.74
1.92
(0.07)
(1.24)
(1.38)
(1.82)
-

3.25
3.30
4.37
4.34
4.77
3.25
(0.05)
(1.12)
(1.09)
(1.52)
-

long BC

long MB

0.88
0.86
0.76
0.74
0.89
0.65
0.02
0.12
0.15
(0.01)
0.23

0.90
0.88
0.76
0.73
0.91
0.65
0.02
0.14
0.17
(0.01)
0.25

France

Italy

Spain

Portugal

2.48
2.76
3.41
3.36
3.78
2.48
(0.28)
(0.93)
(0.88)
(1.30)
(1 30)
-

5.41
5.28
4.88
4.82
6.20
3.73
0.12
0.53
0.59
(0 79)
(0.79)
1.68

5.16
5.12
5.45
5.45
6.32
3.98
0.03
(0.29)
(0.30)
(1 16)
(1.16)
1.17

11.14
10.27
10.90
6.60
13.38
5.53
0.87
0.24
4.54
(2 25)
(2.25)
5.61

1.03
1.01
0.87
0.87
1.03
0.79
0.02
0.15
0.15
0.24

long NB

1.03
1.00
0.86
0.87
1.03
0.78
0.02
0.16
0.16
0.25

long NS

Moody's
Moody's
Corp Avg - Corp BBB US 10s
AAA

1.01
0.98
0.84
0.85
1.01
0.77
0.02
0.17
0.16
0.24

2.71
2.60
2.29
2.15
2.78
2.03
0.11
0.42
0.57
(0.07)
0.68

1.13
1.07
0.76
1.10
1.16
0.74
0.06
0.37
0.03
(0.03)
0.39

Greece

Japan

Australia

20.56
18.28
16.34
12.47
20.56
8.78
2.27
4.22
8.08
11.77

1.01
1.03
1.14
1.13
1.36
0.85
(0.03)
(0.14)
(0.12)
(0
(0.35)
35)
0.16

4.27
4.41
5.21
5.55
5.75
4.21
(0.14)
(0.94)
(1.28)
(1 48)
(1.48)
0.05

Markets for the Week ending

September 9, 2011

Global 5yr CDS

U.S.

U.K.

Germany

France

9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
YTD change
change from 52wk high
change from 52wk low

50
52
50
42
65
36
0
0
8
(15)
14

80
76
61
72
88
48
4
19
8
(8)
32

84
78
43
58
87
32
6
41
26
(3)
53

180
172
80
101
187
62
9
100
79
(7)
118

Risk

VIX

TED

LIBOR-OIS

OIS-Tbill

9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
YTD change
change from 52wk high
change from 52wk low

39
34
17
18
48
15
5
22
21
(9)
24

Currencies
9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
YTD change

Commodities
9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
h
YTD change

0.33
0.31
0.23
0.18
0.33
0.13
0.02
0.10
0.15
0.20

0.26
0.24
0.13
0.12
0.26
0.10
0.01
0.13
0.14
0.16

0.07
0.07
0.11
0.06
0.12
0.00
(0.03)
0.02
(0.05)
0.07

US$ / euro

US$ / GBP

Italy

467
397
171
238
467
127
69
296
228
340

Spain

Portugal

413
391
270
350
430
197
21
143
63
(17)
216

1,136
976
745
500
1,208
320
161
391
637
(72)
816

Euribor - Fed balance ECB balance

EUR swap
sheet
sheet

0.83
0.71
0.20
0.41
0.83
0.14
0.12
0.63
0.42
0.69

2,862
2,857
2,869
2,423
2,882
2,298
5
(7)
439
(20)
564

Greece

Japan

China

3,400
2,331
1,952
1,074
3,400
666
1,069
1,447
2,326
2,734

111
105
91
72
118
53
6
20
38
(7)
58

119
114
85
69
119
53
5
33
50
(0)
66

Baltic Dry

2,073
2,073
1,972
2,004
2,077
1,866
101
69
(4)
207

1,838
1,740
1,413
1,773
2,995
1,043
5.6%
30.1%
3.7%
-38.6%
76.2%

US$ / AU$

yuan () /
US$

6.39
6.38
6.46
6.61
6.77
6.38
0.01
(0.08)
(0.22)

S&P ASX Bloomberg

200 index
GCC 200

4,195
4,243
4,608
4,745
4,971
3,986
-1.1%
-9.0%
9.0%
-11.6%
-15.6%
5.2%

55.1
54.4
58.1
60.7
62.2
51.5
1.2%
-5.2%
5.2%
-9.2%
-11.4%
7.0%

Bloomberg / C$ Effective
JPM Asia-$ Exchange
index
Rate

C$ / US$

US$ index

()

()

CH / US$

yen () /
US$

0.997
0.985
0.963
0.998
1.037
0.943
0.01
0.03
(0.00)

77.19
74.76
74.30
79.03
82.70
72.93
2.44
2.89
(1.84)

1.37
1.42
1.45
1.34
1.48
1.27
(0.05)
(0.08)
0.03

1.59
1.62
1.61
1.56
1.67
1.54
(0.03)
(0.02)
0.03

0.88
0.79
0.84
0.94
1.02
0.72
0.10
0.04
(0.05)

77.61
76.80
80.56
81.12
85.86
76.55
0.81
(2.95)
(3.51)

1.047
1.065
1.072
1.023
1.102
0.927
(0.02)
(0.03)
0.02

118.4
119.6
118.9
116.5
120.2
113.0
(1.25)
(0.46)
1.93

119.3
120.6
122.7
120.2
125.0
115.7
(1.27)
(3.34)
(0.92)

CRB US
Spot Raw
Industrials

WTI Crude
Oil Spot
Price

Oil Futures

Gold

Silver

Copper

US Regular
Average Gas
Nickel Natural Gas
Price

CRB Food

334.2
338.1
338.1
332.8
370.6
275.1
-1.1%
-1.1%
1 1%
0.4%

87.24
86.45
95.42
91.38
113.93
72.66
0.9%
-8.6%
8 6%
-4.5%

87.24
86.45
96.50
94.42
114.82
79.67
0.9%
-9.6%
9 6%
-7.6%

1,856
1,883
1,500
1,421
1,900
1,246
-1.4%
23.7%
23 7%
30.6%

41.47
43.25
34.69
30.91
48.44
19.89
-4.1%
19.5%
19 5%
34.2%

409.8
416.4
427.8
448.2
466.5
347.2
-1.6%
-4.2%
4 2%
-8.6%

1,016
1,020
1,091
1,177
1,362
978
-0.4%
-6.9%
6 9%
-13.7%

3.92
3.87
4.37
4.41
4.85
3.29
1.1%
-10.5%
10 5%
-11.1%

3.67
3.63
3.57
3.05
3.97
2.68
1.3%
22.8%
8%
20.4%

496.9
501.8
484.6
440.3
513.6
399.9
-1.0%
2.5%
2 5%
12.9%

Markets for the Week ending

North American
Equities
9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
YTD change
change from 52wk high
change from 52wk low

International
Equities

September 9, 2011

S&P/TSX S&P/TSX 60

12,388
12,602
13,301
13,443
14,271
11,671
-1.7%
-6.9%
-7.9%
-13.2%
6.1%

706
719
764
769
819
666
-1.8%
-7.6%
-8.2%
-13.8%
5.9%

1,154
1,174
1,321
1,258
1,364
1,110
-1.7%
-12.6%
-8.2%
-15.4%
4.0%

10,992
11,240
12,414
11,578
12,811
10,463
-2.2%
-11.5%
-5.1%
-14.2%
5.1%

MSCI MSCI Pacific

Europe
Rim

Nasdaq

KBW Bank
index

Russell
Large-Cap

Russell
Small-Cap

Russell
Large-Cap
Value

Russell
Large-Cap
Growth

2,468
2,480
2,774
2,653
2,874
2,242
-0.5%
-11.0%
-7.0%
-14.1%
10.1%

36.2
37.0
48.3
52.2
55.6
35.1
-2.1%
-25.0%
-30.6%
-34.9%
3.2%

639
649
734
697
758
611
-1.6%
-13.0%
-8.3%
-15.8%
4.6%

674
683
827
784
865
636
-1.4%
-18.5%
-14.0%
-22.1%
5.9%

569
580
669
639
694
552
-1.7%
-14.9%
-10.9%
-17.9%
3.2%

542
550
610
575
629
494
-1.5%
-11.0%
-5.7%
-13.8%
9.9%

MSCI
Emerging
Markets

FTSE 100

DAX 30 FTSE MIB 40

Nikkei 225

Shenzen

9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
YTD change
change from 52wk high
change from 52wk low

3,880
4,016
4,531
4,290
4,707
3,793
-3.4%
-14.4%
-9.6%
-17.6%
2.3%

4,553
4,816
5,505
5,226
5,776
4,553
-5.4%
-17.3%
-12.9%
-21.2%
0.0%

5,496
5,901
7,004
6,391
7,401
5,496
-6.9%
-21.5%
-14.0%
-25.7%
0.0%

4,416
4,547
4,842
4,938
5,136
4,338
-2.9%
-8.8%
-10.6%
-14.0%
1.8%

1,818
1,870
2,083
2,062
2,177
1,767
-2.8%
-12.7%
-11.8%
-16.5%
2.9%

5,215
5,292
5,946
5,900
6,091
5,007
-1.5%
-12.3%
-11.6%
-14.4%
4.1%

5,190
5,538
7,376
6,914
7,528
5,190
-6.3%
-29.6%
-24.9%
-31.1%
0.0%

14,020
15,061
20,187
20,173
23,178
14,020
-6.9%
-30.5%
-30.5%
-39.5%
0.0%

8,738
8,951
9,816
10,229
10,858
8,591
-2.4%
-11.0%
-14.6%
-19.5%
1.7%

1,094
1,124
1,156
1,291
1,390
1,073
-2.7%
-5.4%
-15.2%
-21.3%
1.9%

S&P/TSX sectors

Energy

Materials

Industrials

Cons Disc

Cons
Staples

Financials

Healthcare

Tech

Telecom

Utilities

2,671
2,758
3,085
3,140
3,504
2,596
-3.2%
-13.4%
-14.9%

4,053
4,015
3,689
4,101
4,208
3,438
1.0%
9.9%
-1.2%

1,196
1,232
1,423
1,297
1,431
1,192
-2.9%
-15.9%
-7.8%

888
906
1,069
1,095
1,139
874
-1.9%
-16.9%
-18.9%

1,665
1,667
1,739
1,674
1,797
1,571
-0.1%
-4.3%
-0.6%

1,544
1,587
1,737
1,666
1,812
1,509
-2.7%
-11.1%
-7.3%

634
657
761
488
809
442
-3.6%
-16.7%
29.9%

150
152
159
230
271
129
-1.3%
-5.9%
-34.9%

928
945
933
844
949
825
-1.8%
-0.5%
10.0%

1,915
1,912
1,907
1,916
1,999
1,735
0.1%
0.4%
-0.1%

Energy

Materials

Industrials

Cons Disc

Cons
Staples

Financials

Healthcare

Tech

Telecom

Utilities

479
489
559
507
598
404
-2.1%
-14.3%
14 3%
-5.4%

208
213
246
240
255
198
-2.4%
-15.4%
15 4%
-13.2%

260
266
322
301
335
251
-2.4%
-19.3%
19 3%
-13.8%

279
284
318
296
329
254
-1.9%
-12.3%
12 3%
-5.6%

309
313
323
304
334
284
-1.3%
-4.3%
4 3%
1.8%

164
169
207
215
231
161
-2.6%
-20.6%
20 6%
-23.5%

369
374
411
365
421
344
-1.4%
-10.3%
10 3%
1.0%

376
378
411
405
439
345
-0.5%
-8.5%
8 5%
-7.1%

119
121
134
129
136
115
-1.6%
-11.3%
11 3%
-7.4%

165
168
170
159
173
153
-1.7%
-2.9%
2 9%
3.6%

9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
YTD change

S&P 500 sectors

9-Sep-2011
2-Sep-2011
30-Jun-2011
31-Dec-2010
52-week closing high
52-week closing low
weekly change
QTD change
h
YTD change

MSCI World MSCI EAFE

S&P 500

Dow Jones
Industrials

Markets for the Week ending

September 9, 2011

BankofCanada

2.0

U.S.FederalReserve

EuropeanCentralBank

1.5
1.0
0.5

11Sep

11Nov
GoC2yr

11Jan
GoC5yr

11Mar

GoC10yr

11May

11Jul

11Sep

GoC30yr

4.0
3.0
2.0
1.0

28Feb
5.0

31Mar

30Apr

Germany(2yr)

4.0

France(2yr)

31May

30Jun

Italy(2yr)

Spain(2yr)

31May

30Jun

31Jul

31Aug

31Jul

31Aug

3.0
3
0
2.0
1.0

28Feb

31Mar

30Apr

60
Swiss(2yr)

Portugal(2yr)

Greece(2yr)

40
20

28Feb

31Mar

30Apr

31May

30Jun

31Jul

31Aug

2.6
GoC10yr

2.5
2.4
2.3
2.3
2.2
2.1
2.0
9Aug

16Aug

23Aug

30Aug

6Sep

Markets for the Week ending

September 9, 2011

S&P500

S&P/TSX

1,500

15,000

1,400

14,000

1,300

13,000

1,200

12,000

1,100

11,000

1,000

10,000

11Sep

11Nov

11Jan

11Mar

11May

11Jul

11Sep

13,000
S&P/TSX

12,500

12,000

11,500
8Aug
1,250

15Aug

22Aug

29Aug

5Sep

29Aug

5Sep

S&P500

1,225
1,200
1 175
1,175
1,150
1,125
1,100
8Aug

15Aug

22Aug

103.0
US$/C$

102.5
102.0
101.5
101.0
100.5
100.0
9Aug

16Aug

23Aug

30Aug

6Sep

Weekly Recap
Monday September 5
- Septembers to remember: Dow down 15% in Sept 1930; down 31% in Sept 1931; up 12% in 1939; average since 1928: -1.3%, worst month
of the year, historically
- North American markets closed for Labour Day; European markets wish they were; DAX down 5.3%; CAC down 4.7%; FTSE down 3.6%
- HSBC China Services PMI reading fell to 50.6, the lowest level since the series began in November 2005
Tuesday September 6
- Bonds rally through the intra-day yield troughs set on August 18, with UST10 as low as 1.90% and Canadian 10s & bonds to 2.22 & 2.89%
- RBA on hold; the ECB took note of the Swiss National Banks decision to no longer tolerate a EUR/CHF exchange rate below... CHF 1.20,
but indicates the SNB is on its own: the Governing Council takes note of this decision, which has been taken by the [SNB] under its own
responsibility as the SNB tries to defend this line in the sand, theyll end up printing a lot of francs to buy a lot of Bunds and OATs
- Euro zone governments have no plans to inject any further capital into banks over and above the money earmarked for the financial sector
in the emergency loan programmes to Greece, Ireland and Portugal, sources said; Stoxx Europe 600 index falls to 2-year low
- Big protest in Rome against austerity; Italian PM Berlusconi calls for vote of confidence on its amended austerity plan
- ISM Non-manufacturing better than expected at 53.3
Wednesday September 7
- German Constitutional Court ruled on a constitutional complaint filed by a group with regard to the countrys participation in bailout of other
EZ members (seeking to obtain greater Parliamentary involvement in decisions). The Court ruled in favour of the EFSF, rejecting the
lawsuits against rescue packages; BUT, German govt must seek Parliaments budget committees approval for future EFSF commitments;
not only does it thus seems reasonable to assume that a bigger say for German parliament in future bailouts could lead other parliaments to
get the same, but the Court decision also means Eurobonds or a supra-national fiscal agent would violated the German constitution
- Bank of Japan announces no new measures (such as further inter-yen-tion); Swedish Riksbank cropped GDP forecast but no rate change
- Bank of Canada expects net exports to be major source of weakness, especially due to persistent strength of C$; given that several
downside risks... have been materialized, the need to withdraw monetary stimulus has diminished; doesnt signal cut but no hikes
- Gold falls as much as 4%, so though stock markets up around the world, TSX lagging
Thursday September 8
- BoKorea & BoE hold steady; ECB shifts from hawkish to neutral, providing some support for European stocks, which had started down
- Japanese machine tool orders down 8.2% in July, wiping out Junes big gain and then some
- Bernanke speech a non-event --- and thus manages to disappoint markets;
- Canadian bonds rally all day, with yields approaching Tuesdays lows
- NFL season kicks-off with a shoot-out; that followed Obamas speech, in which he managed to beat the whisper #s, announcing a $447
billion jobs plan, and which provides an upside risk to the economic outlook, provided he can get it passed (which is clearly why the plan is
heavily skewed towards tax cuts, whereas the tab for infrastructure spending and state aid is a modest $140B); in any case, will Democrats
be fully on-board with a plan thats mostly tax cuts? (Do payroll tax cuts actually stimulate job growth?) Will Republicans be on-side with
fiscal stimulus, even in the form of tax cuts, if it increases deficit? (And if the American Jobs Act is principally designed to save the job of
one particular person, that of the president?)
Friday September 9
- Japanese Q2 GDP was marked down as expected, to -2.2% annualized, lowering the YoY rate to -1.1% on real and -3.3% on nominal GDP
- ECB holds 172.9 billion in its deposit facility, up 7B overnight; more and more European banks would rather hold money at ECB than with
each other
- Canadian employment data --- jobs unexpectedly declined in August, with 5,500 more part-time jobs lost than full-time jobs gained; hours
worked were up for the 2nd straight month, but the unemployment rate was also up a touch to 7.3%; housing starts declined to 185k
- US wholesale inventories up; inventories-to-sales ratio
- Obamas speech, though excellent, was not enough of a positive surprise to get the stock market to even start the day up;
- Greek default concerns and worries about needing to invoke Germanys plan B (shoring up its banks in case of Greek default) prompt stock
markets to slide and bond yields to set new lows;
- German FDP party will seek a referendum on the ESM/EFSF
Jurgen Stark resigns from ECB with 3 years left on his term; rats leaving a ship is a bad sign --- is it similar with hawks?

Non-Mainstream News and Views

Quote of the Week:
It is obvious that many organizations will not survive in the event of having to reassess their portfolios of sovereign debt at market prices.
Josef Ackermann, CEO of Deutschebank.

John Hempton of Bronte Capital on risk management and sounding crazy, with reference to Sino Forest.
http://brontecapital.blogspot.com/2011/09/risk-management-and-sounding-crazy.html
Paul Krugman on how the beatings must continue until morale improves in Europe.
http://krugman.blogs.nytimes.com/2011/09/05/the-beatings-must-continue/?smid=tw-NytimesKrugman&seid=auto
John Hussman on whom will our leaders defend? One choice is to defend bondholders... the alternative is.. the public.
http://www.hussmanfunds.com/wmc/wmc110905.htm
Chris Whalen on the dilemma of refinancing housing loans... the path ahead is clear.
The GSEs and large banks are still hiding losses on their books and subsidizing these losses by preventing consumers from
refinancing their mortgages. It remains only to recognize these losses, restructure solvent institutions and get on with the
business of recovery and growth by refinancing eligible home owners.
http://blogs.reuters.com/christopher-whalen/2011/09/06/profiles-in-competence-jesse-jones-leo-crowley/
Martin Wolf: Fiscal deficits are helpful... in a balance-sheet contraction, not because they return the economy swiftly to health,
but because they promote the painfully slow healing.... If the fiscal deficit is to be sharply reduced, the surpluses in the rest of
the economy must also fall. The question is how that is to be compatible with rapid deleveraging and expanded spending. In
my view, it cannot be. A more likely outcome, in present circumstances, is mass default, shrinking profits, damaged banks and
a renewed slump. That is what would happen if todays contained depression ceased to be contained.... It is becoming ever
clearer that the developed world is making Japans mistake of premature retrenchment during a balance-sheet depression, but
on a more dangerous far more global scale.
http://www.ft.com/intl/cms/s/0/9cbe577a-d872-11e0-8f0a-00144feabdc0.html#axzz1XHLVqOal
Ed Harrison on why a breakup of the eurozone is now likely, after the decision by the German Constitutional Court:
http://www.creditwritedowns.com/2011/09/eurozone-breakup-likely.html
Other fare:
Goodbye to all that: reflections of a GOP operative who left the cult. Mike Lofgren.
http://www.truth-out.org/goodbye-all-reflections-gop-operative-who-left-cult/1314907779#%5B3%5D
People dont realize how fragile democracy is. James Fallows.
http://www.theatlantic.com/politics/archive/2011/09/people-dont-realize-how-fragile-democracy-really-is/244559/

What is this a chart of?

The yield on one-year Greek sovereign debt.

Ouch.
Seems Greek banks unwilling to buy Greek T-bills.
The 6th instalment of bailout money (i.e. loan extensions) of 8 billion euros, which is pending approval in a number of parliaments, will be
necessary for Greece to pay its bills in October.