Perfect storm and FED caused it...
I'm reading that $2Billion mistake is more like a $400Billion loss...and it is the Low interest rates Banks can't make money on loaning capital at such low interest the Bankers have to go to Europe and speculate...
Altogether a perfect storm day in the making, which has sent the EURUSD tumbling, gold red on the year, various "safehaven" bonds to new record low yields, and futures imploding in what is now certainly a preparation day for THE NEW QETM, especially since German GDP data released tomorrow now appears set to confirm that even Europe's largest economy has double dipped. With China already commencing a new easing episode, it only means it is just a matter of time before the Fed now joins the rest of the world in a desperate attempt to once again prove Einstein was 100% correct.
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