Good morning. Makes you wonder where all that wealth has come from, if not from income…

 http://www.ecb.europa.eu/pub/pdf/other/ecbsp2en.pdf

Good point. Measured in eggs the S&P500 is not even close to its last high. Right.

http://www.businessinsider.com/rosenberg-the-sp-500-in-egg-terms-2013-4

Pretty cool chart showing that the banking sector in one specific country is not paying back any of its LTRO lending…

http://ftalphaville.ft.com/2013/04/09/1453572/catching-up-on-the-ltro-flow/

The ripple’s from the Bank of Japan action…

http://online.wsj.com/article/SB10001424127887324050304578410722869665256.html

…and a column by James Saft questioning the possible success of the current strategy…
http://www.reuters.com/article/2013/04/09/us-column-markets-saft-idUSBRE9380G520130409

…speaking of the Bank of Japan: I call your twenty and I raise… 50!

http://www.businessinsider.com/expansion-of-japan-monetary-base-to-gdp-2013-4

It is sad, but probably all too true: America’s most profitable export is cash…

http://economix.blogs.nytimes.com/2013/04/09/americas-most-profitable-export-is-cash/

A pretty predictable study by the IMF into the changed behavior of inflation

http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/c3.pdf

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