“Bondholders are the only beneficiary of this ridiculous magic candle game”

In a rather frank and refreshing commentary on the recent news that central banks stand ready to implement coordinated action to supposedly protect financial markets from the turmoil in Greece, Miller Tabak + Co. strategist Peter Boockvar compared the situation to one people often experience on their birthday.  Unfortunately though, this did not involve gifts.

In a post on Minyanville.com’s Buzz and Banter service, Boockvar wrote the following:

“Ahead of Sunday’s election in Greece, central bankers stand ready, again.  With all the water central banks have expanded out of their fire hoses over the past few years in their attempt to ‘do something,’ I can only think of magic candles.  Those candles you blow out that only flare up again immediately after.  The western world is choking on excessive debt and a euro bond, banking union, broad deposit guarantees, enhanced lending programs, QE and various liquidity facilities only further socialize risk and try to ram down the throat of economies that need to delever to go out and borrow more.  Bondholders have been put on quite a pedestal as they are the only beneficiary of this ridiculous magic candle game.  With respect to the reuters story on central bank readiness ahead of the weekend, it is bank runs that they seem most immediately concerned about.”