Yuck. This Is Gross. And, Inevitable.

I feel a growing distaste for this debauchery of the currency in which I am forced to live.

Draghi’s crew leapt ahead this morning in the race, with outright negative rates.

ECB imposes negative interest rate BBC

All 8 of you know how distressing the ongoing currency wars have been to this writer’s delicate constitution. A year or two ago, it was the Japanese who doubled down on the Fed’s QE gambit.

Why is the market falling today, Friday, April 25?

Geopolitical risk has been priced in for the situation in Europe. At least, I assessed it so.

Pres. Obama’s trip to Japan revealed nothing new. (Although the headlines are negative).

Yesterday’s announced fall in mortgage originations was large, but again, not entirely unforeseen.

Is this nerves? Or, has there been a significant shift somewhere that is just not visible yet? I know it’s only down a point and a half, but today is Friday and it’s close to end of month.

Gold and LIBOR

Several years ago, a family member shared with me that his mortgage was tied to LIBOR, and so I undertook an investigation into the nature of the index on his behalf.

After quite a bit of examination, I concluded that I didn’t understand its movements, given what it was purported to be. I distinctly remember telling him that while I understood its form, features and purpose, I could not explain the index’s behavior, as it failed to confirm obvious market conditions at the time.