Here is a link to a very nice piece in the Financial Times, entitled “I can’t hear the markets but I can smell fear,” by the master of fear and horror writing, Stephen King. No, actually not that Stephen King. The Stephen King who is chief economist at HSBC (and I am going out on a limb here and assuming they are not one in the same). But this Stephen King also writes very well. And makes a nice substantive point. Governments are not being invited to borrow by low interest rates. Investors just fear sovereign default slightly less than the other horrors on the horizon.
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