“Has The Whole World Gone Crazy?!” Part Deux

Ok, so this... ... was exceedingly amusing and pretty interesting/important. I encourage you to read it if you haven't. The overarching point was simple: what exactly is it that sovereign spreads know that € credit quite clearly doesn't? And relatedly, if iTraxx Main is moving with OAT-bund spreads, doesn't that suggest that credit actually does know what rates know but just isn't expressing it? Well I've gotta tell you, Citi has been all over this subject and they're out on Friday with