In The Future, You Won't Be Able To Sell Dogs

... so get rid of them now.

Dig this. Angela Merkel is now saying she would consider measures to prevent large institutions from selling government bonds after a downgrade. That is, if you bought Italian debt in 2009 and it gets downgraded in 2013, you're stuck with it. Once you've loaned them money, they can spend it any way they want and you, manacled to those bonds, can only look on in horror as your investments fall apart.

Only a complete idiot would by European government bonds now. The real question is: Who will start dumping their bond holdings immediately?