Mish's Global Economic Trend Analysis: Germany in Recession: Private Sector Sees Fastest Falls in Output and New Business Since June 2009; New Export Orders Collapse

Just in time for Spain to go down in flames what with the exponential rise in their borrowing costs of late. Who is going to bail them out if Germany is in trouble? And the US?...

It may not matter whether European governments believe in austerity. There will be austerity. There is only so much money.

And in other news yields on US bonds are at a record low.