I am feeling a bit gloomy. I started this sovereign debt crisis looking on the bright side but now I have been got at. So many of our guests at CNBC are downbeat right now, that the downdraft has been hard to dodge.
Markets took time out from worrying about government debt at the end of last week to look at economic data, in the shape of the US employment report, but many investors say nothing has fundamentally changed and the sovereign debt threat is still out there.
While I would take issue with some of that sentiment (the Italian, Spanish, Portuguese, Greek and famously the Irish governments have made progress on deficit cutting plans in recent weeks), it does seem that debt has just been passed around the system for the past three years.
Getting debt junkies to abstain could be a long game and might take us, rightly or wrongly, into a double-dip in the meantime.