Monty Python's Flying Circus used to switch skit topics by simply saying "And now for something completely different." The capital markets show no ability to make the adustment. High level meetings and a plathora of acronym facilities and institutions continue to blossom up.

The latest story line involves Germany holding out for Treaty re-writes before any meaningful structural reform. The markets have moved aggresively in the direction of something better. We are concerned that beyond "crisis management", actual policy on both the fiscal and monetary side is not well constructed.

The SoFFin Bank is rumored to be firing back up. Open market purchases and bank share repurchases would be ramped up. Commerzbank seems the first "beneficiary." I would like to think we are moving toward "something completely different." The trading landscape shows no sign of cooperating. That means More of the Same, and that means we are still in a crisis.

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