thanks to the IFS, the media in the UK are waking up tot the fact that the current UK election is an X Factor sham. Sadly the said 'scrutiny' now being advocated will not uncover the answers that the media wants.
The reason for that is that there are none. I have no doubts that the political parties have not made any detailed plans for the real cuts to come, precisely for the reason that they can they say they are not hiding anything from the public. This is a clever Westminster Village PR game, less so a rational way to either prepare for Government or run the county. But our political system is broken after 13 years of New Labour spinning and SPAD's.
Worse yesterday saw big falls in global stock markets. We advised that you keep an eye on Greece last year. it was always going to provide the BIG FLASHING WARNING of the start of the bond market re-trace.
Now today there are direct echoes of Lehman's collapse in 2008 - Greece has banned short-selling of bank shares. Last time we saw that this is the wrong solution, bank shares fall because policy is wrong, they are a trailing indicator not a leading one.
But I am very concerned about the markets for the rest of this week. Greece collapse, UK election looking like a hung parliament, economic debate on Thursday. Lots of events to pull the markets and none of them looking like a good option. Time to increase cash and short positions.