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Our Strange New World

By Joseph Y. Calhoun

Stocks rallied last week due to…well…I'm not sure exactly why stocks decided to go up last week. At the beginning of the week it seemed that stocks were rallying because there was hope for a deal on Greek debt. The new Greek Finance minister offered that if the ECB would convert their bonds to something they'd never have to pay off, well then, he could get along with the business of turning Greece into the Socialist paradise he and his party promised. For some reason, traders took that nonsense seriously as if the Germans would be happy to let the Greeks wriggle off the debt hook so easily. Then the ECB sent a shot across the bow of the SS Acropolis, saying that Greek debt could no longer be used as collateral for ECB loans to banks. That meant that Greek banks would now have to… Read More …