Europe

Two weeks ago, during the peak of the February market rout, UBS' credit strategist Matthew Mish looked at the latest round in the junk bond selloff and answered a rhetorical question: "Is it time to buy" the bonds that comprise some/any/all of the bonds that make up the USD-denominated $3 trillion speculative grade universe. His answer was hardly pleasant for those who have kept peddling junk credit (including bonds, loans and revolvers) for the past several months:

Last month, we introduced you to “The Soldiers of Odin.”

The “soldiers” are Nordic patriots dedicated to keeping the streets of Finland, Sweden, and Norway safe from the threat posed by marauding gangs of Mid-East migrants hell bent on accosting women.

Well that, or they’re the Nordic equivalent of a biker gang set to capitalize on a groundswell of nationalistic fervor drummed up by the far-right in the wake of Europe’s worsening migrant crisis.

In the last month, we’ve had two major confessions from Central Bankers.

We’ve already detailed the first, which came from the Head of the Bank of Japan, Haruhiko Kuroda here.

The second major confession from a Central Banker came from ECB President Mario Draghi. A few days ago, Draghi gave a speech in which he said:

Back in August 2012, when negative interest rates were still merely viewed as sheer monetary lunacy instead of pervasive global monetary reality that has pushed over $6 trillion in global bonds into negative yield territory, the NY Fed mused hypothetically about negative rates and wrote "Be Careful What You Wish For" saying that "if rates go negative, the U.S.

And so, just like that, with a sweeping victory in South Carolina, Sanders' Socialism crawls back into its cage and crony capitalism is alive and well.

As Edward Snowden so perfectly sums up...

2016: a choice between Donald Trump and Goldman Sachs.

— Edward Snowden (@Snowden) February 28, 2016

And in case you thought this was an exaggeration...