In the middle of Greek Sovereign debt issues Rick Santelli just told us on CNBC that the 10 year note auction was a D at 3.69%. Too much direct buying as a negative.

I believe he even mentioned competition from Portuguese bonds as a factor. I might have misunderstood that one, because I was preparing dinner in the kitchen, but his remark (whether actually said or not) did struck me as something very important. When all these Governments that are competing for capital start competing among eachotherd another and Sovereigh debt auctions are taking place all over the world on a daily basis, that definitively is going to drive up the cost of money (interest rates) and make providers of capital more and more critical in where to invest.

I think that the dirty media war that we have seen directed at Greece is just the start of an increasingly dangerous game. When watching CNBC, I see that an increasing portion of the time is dedicated to either China bashing or Europe bashing. "Solidarity" to face a global crisis, which served us in 2008 and 2009 is totally out of fashion. "Survival of the fittest" is now how I would characterize the mode employed in the capital markets and that has nothing to do with free markets, but everything with WHO best controls the media, who has the largest pools of capital and the best spinning politicians.

DCFM