Japanese Laughing Gas

Wandering into the Accident and Emergency department of Financial Hospital, Globesville, US data took a seat next to European Growth, who shuffled up closer to European Politics to make room. Australian mining looked on mournfully from the other side of the room nursing a broken bid. The room was full and the staff looked worried. 

The US had been on QE antibiotics for years and the doctors were worried it might have caught a resistant strain of slowdown. It  looked as though its Seasonal Affected Disorder was coming back too. 

European Growth had looked like it was recovering from its savage mugging but, despite the countless sticking plasters its brother Politics had applied, it was bleeding again. 

European Politics had been in counselling for 3 years for its multi-personality disorder, yet was still trying to kill itself at every opportunity. Its job as a party balloon twister (take a straight Maastricht treaty and with a few twists .. like this and...Voila!! It's a pig's ear!) had also left it with chronic arthritic joints. 

Australia had been at its own party and was intoxicated when it slipped on its own hubris and broke its main export market. 

UK, having blown its inheritance on an addiction to foreign imports and lavish spending, sat shivering in the corner. The methadone of low rates and QE was doing little to return it to health. 

Germany was suffering from "Munchausen by Proxy", convinced that everyone else was ill and in need of a dose of their German cure. It was having to be restrained by the guards, but its protests were upsetting the Peripheral family huddled in the corner waiting for their repeat prescriptions. 

The relatives did their best to soothe the patients but there was only so much the Far East could do. 

Dr Ben was exhausted after a full night on call and his drug cabinet was seriously depleted. Dr Aghi had taken over and tried to order more pharmaceuticals but had been blocked as they weren't yet approved for European use. Things were looking dire and the markets were fearing the worst. 

But then the doors burst open and in flew Dr Abe, dressed in a magnificent golden coat!  "I have a plan!" he screamed maniacally. "What's your plan doc?" cried the others. "THIS .." and with that he opened all the taps to all the Nitrous Oxide cylinders in the department. The intoxicating vapours of the laughing gas  swiftly filled the whole building and were soon working a wonderful magic. The Peripheral family were the first to giggle and were back on their feet. Seeing this and realising what was happing, European Politics started to relax and burst into laughter and even made friends with its alter egos. European growth was soon to follow and was on its feet cranking up the volume of   "Remember Me" on the Tannoy.

 Abe's laughing gas and the beat soon had everyone up and partying. The US had a big smile on its face and was dancing with the Far East relatives who themselves were so happy they were opening their wallets and throwing money around instead of saving. Australia had found the surgical spirit in the cupboard and was glugging it down telling everyone who would listen how great it was and even the UK had a grin on its face as it swigged on a bottle of secondary effects.

Only Germany sat miserably in the corner behind the gas mask it had swiftly donned to prevent it from inhaling the narcotics it so abhorred. 

The staff watched in awe as Dr Abe led the party like the Pied Piper out of the hospital and into the night. But as the doors swung closed and the sound of revelry diminished into the distance, Dr Aghi shook his head and let out a resigned sigh to Dr Ben...

"They'll be back"

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Anonymous
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April 9, 2013 at 12:38 PM ×

C Says'
Interrupting the Japanese discourse and it's kickstart to The Conga ! watch that door because they always come back through it.

Here is something that confirms what I was trying to say recently about property and boomers etc and how you really need to rethink how the baby boomer issue is going to play out.

Consider.
http://ftalphaville.ft.com/2013/04/08/1452702/charts-du-jour-labour-force-participation-kill-the-old-edition/

They're not sticking with the historical norms expected from their age groups.

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abee crombie
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April 9, 2013 at 1:56 PM ×

great post Pol. You captured the mood perfectly. EuroBanks (SX7e) looking for a bounce here but another leg down would be a big show of no confidence. I'm inclined to be long given action in EUR, but who knows.

S&P also looks like setting up soothsayer H&S and Euro luxury seems to be correcting.

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dc
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April 9, 2013 at 2:51 PM ×

seriously; nice read.but what will happen to Mr. Aghi is going to change the gas molecules to "CS gas"(tear gas) and then the blame game will start.But till then let's enjoy the party.....

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Anonymous
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April 9, 2013 at 3:29 PM ×

Welcome to the Fight Club economy. The seatbelt sign is ON.

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Jill
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April 9, 2013 at 7:33 PM ×

You would think that the Japanese government would concern itself with more important matters than selling a few more cars...

http://www.nytimes.com/2013/04/10/world/asia/another-tank-leaks-water-at-japanese-nuclear-plant.html?_r=1&

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Anonymous
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April 9, 2013 at 9:44 PM ×

Brilliant!

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Leftback
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April 10, 2013 at 12:26 AM ×

Watching Europe and emerging markets. But we are not there yet.

Did the gold miners just bounce off the bottom? In 2008 they had a lot of bottoms.

C,

Yes, the Boomers won't stop work and some of them will stay put, b/c a lot of them are completely borassic. But eventually they will die and all that real estate will be on the market.

Even the Boomers can't dodge the Grim Reaper.

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Leftback
admin
April 10, 2013 at 12:31 AM ×

Re Japan. Does this week's vol signify a turn? Hope Kyle Bass didn't have too much leverage with that widow maker the last 3 months or so. Perhaps he made up for it with yen short.

DX has probably taken enough of a beating since the jobs number. Time for EUR and AUD to take their turn behind the woodshed?

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Leftback
admin
April 10, 2013 at 2:24 AM ×

More on US housing. Don't believe the hype. A small number divided by a small number generates a percentage increase that can look impressive. For a while....

California Housing Bouncing Along the Bottom

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Cheese
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April 10, 2013 at 3:07 AM ×

America?, FUCK YEAH!

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