Analyst I think alot of us would agree 100% with your assessment. Everything is quite surreal and in fact the more intervention there is, the harder it is to make an assessment of the current market, and the longer term outlook a few years down the road because one has to account for a greater period of unwinding.

It is tough and I am not sure what to believe anymore. My analysis now is very much confined to very very short term goals. I feel that the forces pushing down on the market are very strong. These are strong default numbers, heavy demographic problems and other natural forces. Similarly the forces that are reinflating are quite strong as well and should NEVER be underestimated as we have all seen.

Nonetheless I still believe it will be our creditors that will force our hands and then things will adjust more naturally, albeit in a higher interest rate environment.