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    Mark my words, Marek - there is a lot of trouble to come in Europe.

    If we went your way (or Labour's) then we would have a massive bond crisis, we would already be paying higher interest on mortgages and loans and that would itself be damaging businesses and clamping down on growth. The difference is that there would have to be even bigger and deeper cuts as a result of higher government dept levels and even higher levels of interest being paid.

    Like I said, there is no such thing as a free lunch.

    When looking 'below the surface' you actually have to know what you are looking at and consider the whole picture. Look yourself at how bond prices have moved over the last 12 months other signs can be gleamed from the repo market as well and the currency spot markets. They all tell a picture about the economy.

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