OK. In my mind there is no doubt we are staring down the barrel of a finacial crisis in Europe. We may already be in one. The market is really questioning the viability of some of the biggest banks in Europe…and i dont blame it. How on earth do you solve MPS? Bail in bondholders to raise capital? Er…€15bn of bonds held by Italian retail…good luck with that. Can you imagine what the political ramifications of doing that would be? OK…so just bail it out? Oh no hang on…state aid rules. Ooops. Talk about in between a rock and a hard place. DB..€1.7trn of assets and a €20bn market cap…something is seriously wrong here. No one believes the RWA gaming anymore. And so you’re left with banks in EU with €28trn assets vs. €1trn market cap…yet credit still trading at 1-2%. Someting has to give. There is simply too much debt, too much bad debt…the great deleveraging is nothing more than a myth. What do you do aside from being scared….own cash and gold. This is going to be a long cycle of distress…

In happier news, United win 3-0 against stoke. 3 goals! Woah. Martial does look like the real deal. But most interesting part of the win…it was done so with <50% possession. Take note, Louis…..only other comment is i continue to be amazed ny leicester…incredible last 2 games. Really look like the real deal.