One thing has me puzzled – apparently because of the PIIG’s the financial world is about to end. Yet, oddly enough for a world that is about to go tits up there is a remarkable lack of fear in the market as evidenced by the continued tendency of the VIX to dwaddle along doing nothing in particular. From a macro perspective this is quite interesting and leads to the interesting conclusion that markets are efficient future pricing mechanisms. The market already knows that certain countries are run by governments that couldnt run a hot bath. Therefore there is no surprise in the conditinued pronouncements of doom and gloom coming out of these countries.