This column originally appeared on Real Money Pro at 8:24 a.m. EDT on March 11.NEW YORK ( Real Money) --
It can be said with certainty that the yields for the periphery nations in Europe are lower, but it can also be said with certainty that their economies are in worse shape. The Great Disconnect not only continues but worsens. We go back to the Great Singularity, which is that the tide is still in, as caused by the world's central banks who have flooded the globe with little blue and green pieces of paper. When I was growing up there was a maxim that "money doesn't grow on trees." Now, by God, there are Money Trees in Washington and Frankfurt. It is a miracle of nature and something to behold. Even the price of gold, the alternative currency, is now manipulated by the central banks as they sell into any rally and control the Relative Value part of the equation. Currency skirmishes are under way and denied as the fiscal alchemists ponder how to devalue all of the currencies at once. The politicians have abandoned their posts, and the central bankers have taken charge in their absence. The inmates are now in charge of the asylum. Officials elected by no one and accountable only to their green eye shades and private investors, shoved to the sidelines, are left to scratch out a meager living searching the garbage dump for scraps. It is a peculiar time. The land is filled with fantasy once again. The Emperors are minimized by their inadequacy. The High Lords Bernanke and Draghi have assumed the Regency! -- Mark J. Grant, Southwest SecuritiesFor simplicity, this morning, let's split up the world into three regions: China, Europe and the U.S. We what see is a mixed big picture (though higher stock market valuations).