Watch the bond markets! In bonds there is truth. The current political ructions across Europe highlight the fragility of Europe’s cobbled together bond markets. If they break, the outlook for markets will be… interesting (and not in a good way.)

Its little surprise to learn how well the Right has done across EU Elections. The UK will vote for the centre, but it’s likely the right will coalesce into a single stronger Right-Wing party post-election. What does it all mean for markets?

Markets fear instability above all else. Financial crashes happen. Spectacular gains are followed by dramatic losses. Market foundations are strong, based on the truth of bond markets. What might happen if investors lose their confidence in bonds?

Europe will face massive difficulties rejigging NATO for a post US era. It will be vulnerable to Russian disinformation while facing acute production, labour and cooperation instabilities. But if it could be done…..

The nations of the West face crisis: how to fund vital infrastructure and critical defence spending without upsetting bond markets? They are worrying about the wrong things. Time to rethink government spending and how to do it.

Christine Lagarde is under attack from within The ECB from staff who say they mistrust her. They clearly don’t understand their jobs or her role. Lagarde is a politician leading a political central bank. She has already achieved many of her goals. Generals don’t need to be popular – they need to be effective.

Biden’s trip to Israel and Jordan vs Putin’s to Beijing - which will prove more meaningful? Meanwhile, Italy’s latest tax cuts and spending plans mimic the Trusterf*ck, but Meloni seems to have got away with it – for how long?

It’s too easy to write off Europe to the multiple threats of recession, low-growth, energy and inflation, but it has previously surprised us by its’ resilience! How will it fare with potential energy dislocation, fiscal and monetary risks and Russian disinformation? Can the Energy war be won?

Lots of comment about imminent crisis in the ECB and European Bond Spreads. Relax. It’s a difficult circle to square, but the politics mean its more likely solutions will be found, and its buy Italy, Spain and Greece on the dips!

We’re officially in a bear market, but markets are still massively overvalued. The laws of Mean Reversion are immutable – some stocks are going lower. Inflation, Bond Markets and Confidence are all flashing danger signals.