There’s a distinct whiff of the faux-naive coming off Mary Williams Walsh’s article about the fate of Jefferson County’s general-obligation bonds:
When Occupy Wall Street launched, there were hopes and fears that it would recapitulate the Arab Spring. Those hopes and fears sprang largely from a simple fact: that both OWS and the Arab Spring are characterized in large part by angry, unemployed young people.
The market has had a full day now to digest the results of the ECB’s debt auction, and Floyd Norris, for one, is wildly enthusiastic about them. The ECB’s strategy, he writes, “may be enough to stem the European crisis for at least a few years, and go a long way to recapitalizing banks in the process”.
El-Erian: There’s more than a 1 in 3 chance the EU will implode — Bloomberg
Europeans are basically fleeing the continent in droves — Guardian
The world suddenly has a shortage of “risk-free” assets — WSJ (paywall)
Economists and politicians explain 2011 with (their favorite!) charts — Washington Post