It ain't over yet

A few items on the radar:

- Gold is flirting with the $1,200 level. It is what it is.
- EUR/USD is above 1.50. USD/JPY is at 86.50. Nice.
- Short-term rates keep turning negative in the US. This means that one group of people are paying another group of people to hold their deposits for them. It's all a bit topsy-turvy.
- The FTSE is down by over 3% today.
- Dubai is imploding. The government didn't just build out on to the sea, but they also built on a sea of debt. Too much G and not enough T has left a gaping hole in the state's finances and the government is seeking a 6-month delay on paying its debts. Note, when companies and individuals can't pay their debts, they are effectively bankrupt. I don't think Dubai will default, but the cost of a helping hand from neighboring countries could impose a pretty severe burden. The go-go years are clearly over ... but they are over pretty much everywhere, so hey-ho.