Until a few years ago, summers were boring. Everybody left town and little happened in the world. That all ended in the summer of 2007 when we learned what toxic assets and sub-prime mortgages were. This year, the weather’s been awful, but the news has been worse. Not only has Greece continued to make the headlines, making room now and again for Italy, but then there’s the debt ceiling nonsense going on in Washington. We’ll find out over the weekend if the US is merely ungovernable, or if it can’t even pretend it’s governable. Because even if they do manage to patch together some kind of agreement, it’s unlikely to be anything but a cynical, short-term measure that fools no one.
A perfect time, then, for Moody’s to put Spain on review for a downgrade. Time to look for some good news now. Suggestions welcome.