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THOUGHT FOR THE DAY!

"I am strongly in favor of using poisoned gas against uncivilized tribes. The moral effect should be good...and it would spread a lively terror.... "-- Winston Churchill commenting on the British use of poison gas against the Iraqis after World War I

 

Inverted CDS curve shows fear of shock default

The spread curve of Europe's main credit derivatives index inverted for the first time in its history this week, indicating a higher cost for buying credit protection in the short term as dealers priced in the potential for a shock default by an investment grade company.

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