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Global Markets 2011 - Special Report Martin Baccardax

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    The recent lull in the government bond market's bullish tone only enhances the arguments for ramping-up a portfolio of the heretofore dullards of the financial markets.

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    Here's the dirty little secret: bank nationalization in the UK has already happened. The vast majority – but not all – of the UK banks simply would not be solvent but for myriad government support.

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    Like children at a funfair with a few quid in their pockets, Gordon Brown and Alistair Darling have dropped their latest coin (this one’s worth 100 billion pounds, or $146 billion) into the whack-a-mole game that is the UK financial market.

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    The European Central Bank remains stuck to staff projections that the euro zone economy will shrink by just 0.5 percent this year while inflation slows to 1.4 percent and warns of a low-interest rate trap.

  • The focus of much of the mainstream media coverage of the Northern Rock nationalization has been directed towards the fate of the stricken lender’s long-suffering shareholders. But it's tough to find sympathy for equity investors.