Monday 20 June 2011

What's the smart money doing?

Taken at face-value this Morgan Stanley chart (published June 2011) is intriguing, to say the least.

Even though nominal US debt continues to rise, US total debt-to-GDP is deleveraging. ie: it's becoming more sustainable... Conversely, the Eurozone's in a little more trouble. There are, however, signs of a more subtle decline in Europe's debt ratio too.

Nevertheless, it's ABUNDANTLY clear that the smart short-medium money is positioning itself away from the euro...

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