Alphaville has most of the datapoints you need this morning. There’s the European bourses, which started off low and basically haven’t moved all day; the FTSE 100 is now pretty definitively below 5,000 for the first time since September. There’s the flight-to-Germany trade: 10-year Bunds are now below 2.86%. There’s Libor, which is looking ugly and getting worse. There’s the euro, of course, which is now at 1.22. And, in case you want policymaker panic rather than market panic, there’s the proposed German short-selling ban.
Back in November, I had some advice for the Loeb judges: don’t start up a blogging award, it won’t work. They responded by making me a judge — not of the blogging award, but of the Magazines category. The preliminary judging was held in Los Angeles in March, where the shortlists were decided. Today, the shortlists were announced and I believe that the winners have now been decided.
Remember the Global Business Oath of the Young Global Leaders at Davos? Let me remind you: it’s a terribly silly and earnest document which begins with “As a business leader I recognize that” and ends with “This pledge I make freely and upon my honor.” In between is a bunch of do-goody pablum. But thanks to Ben McGrath’s wonderful Talk piece in the latest New Yorker, I now know that the Global Business Oath has a rival: the MBA Oath. This one has a few small differences — it starts with “As a business leader I recognize my role in society” and ends with “This oath I make freely, and upon my honor.” But it also has a big difference: it’s a book, which can be bought at places like 800 CEO READ.com.
It’s the headline which strikes you first: “Strippers Declare Inflation Dead as Dealers Revive Zero-Coupon Treasuries”. Ha, strippers. Geddit? But behind the headline is a very long and dry article about the market in long-dated zero-coupon Treasury bonds, which apparently are all the rage right now:
It’s politics-of-finance day today, with The Big Money running an excerpt from Jonathan Alter’s new book, about Paul Volcker and Larry Summers, while John Heilemann has a big New York cover story on the relationship between Obama, Geithner, and Wall Street.