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In fact, the deformation of capital markets caused by implied Central bank “puts,” yielding “front-running” of “QE to infinity” the world round, caused European sovereign yields to hit a new all-time low on the day’s first trading day – including, for the first time ever, negative yields on the German five-year bond. And this, as the Euro crashed below the 2012 “whatever it takes” low like a hot knife through butter, to its lowest level since 2005! Worse yet, that was before Saturday’s news that, as the Miles Franklin Blog predicted, Greece’s “anti-austerity” Syriza party intends to overtly default on the majority of Greece’s €400 billion of debt. Which is probably why Greek CDS’ are now predicting a 66% chance of this cataclysmic event; which, we might add, I long ago claimed to be my #1 “potential catalyst” of said “big one.”