I was watching 60 Minutes on CNBC last night cover the Blue Fin tuna markets. The Mediterranean term for the slaughter is The Matanza. Andalusians use the same word in ritual pig killings. I kind of liked the tradition. The EU debt markets are celebrating their own Matanza festival right now.
US rate structures backed up yesterday after a relentless run. The increased buzzing in Europe may halt the concession for now but the Matanza concept could be coming to our shores soon. The pomp and circumstance is what makes the event so fun. The whole community comes out to revel in the destruction. One part economics and two parts Lord of the Flies, there is something primal and attractive in Matanza activity.
The season of pretending and hoping is over. The "harvesting" is in full swing. Welcome to The Mantanza. You are witnessing a slaughter.