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Countries Must Cut Spending—But Can't.

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Countries must cut spending—but can't. (This and other depressing thoughts on the bond markets.) [CNBC via Reuters]

Goldman's contrarian play on European bank stocks. [Bloomberg]

Rate hike in China. (Again.) [Financial Times]

Once again: Meredith Whitney under fire.[CNBC via NY Times]

What does a jump in cash purchases mean for the real estate market? [Wall Street Journal]

The worst Super Bowl commercial. [NY Times]

Gold up in London on speculation of Chinese demand. [Bloomberg Businessweek]

A tutorial: "Bond Trading 101—How to Trade Bonds" [BondSquawk | Hat Tip: Abnormal Returns]

Just how bad is the Greek RMBS market? (Hint: Bad.) [FT Alphaville]