No doubt emergency meets are underway in numerous countries right now following a failed German bond auction. Bond auctions have failed before, but not in Germany (at least by this much), and never at a worse time.
Link if above video does not play: German Bond Auction Disaster
Key Ideas Expressed in Video
"What people are saying is Germany is going to have to pay the bill. ... Just possibly, today is the day people may have decided German bonds are not the safe haven they thought they were. ... It's all about confidence isn't it?"
It's actually about solvency, not liquidity, not confidence. Solvency issues in Greece, Spain, and Portugal have now affected the core.
Mike "Mish" Shedlock
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