Riddle me this, if you will. ‘Europe’ as a concept has perhaps never stood in lower regard, whether in the eyes of its own citizens or of those of us thankfully still beyond its reach. Yet the euro is strengthening – with options showing levels of bullishness not seen since the 2008/9 Crisis – and the likes of Italy and Spain can both borrow for 30 years at much the same rate as can the USA. Ye Gods! It truly must be the Promised Land.
But, forget the fantasy world of central bank-distorted financial markets for a moment and look around at the world beyond the Bloomberg screens.