Back From Vacation

Just returned from vacation. Been to London, UK, completely unaware what was happening here. The only news in UK last week was election and a little bit of Greece events. It appears I missed a lot of action. Well, you can't win them all.

I'm going to watch action for couple of days before making any decisions. To my taste, prices are still pretty good on some buy candidates.

Europe is awake, at last. Stupid, stupid, stupid! ECB has controlling inflation as task #1. As if Euro doesn't need a lender of last resort. Yeah, right. Situation could've been solved couple of weeks ago for about 100 billion dollars. Now it's trillion euros. Price of the delay: order of magnitude. The funniest thing, of course, is that most of this money will be simply printed. By ECB. I hope Trichet survives this experience and learns from it.

Deflation is not over yet. It can reappear at any moment. Repeat after me: printing press doesn't solve deflation if money moves from press into mattress.