David Zervos: There Is A New Committee To Save The World, And Markets Are Going To Surge Like Crazy

From BusinessInsider: In a totally over-the-top new note, Jefferies' David Zervos declares that the world is seeing a repeat of the famous Committee To Save The World.  You remember that, right? That was the famous 1998 Time Magazine cover featuring Alan Greenspan, Larry Summers, and Robert Rubin, trumpeting their efforts to prevent the Asian financial meltdown (and everything else that year) from turning into a global rout.

Of course, all three of the men in the Committee To Save The World are now more associated with bubbles, busts, and dangerous deregulation. But whatever, at the time, they saved the world, and markets went on to boom for another two years.

So who's in this new C.T.S.T.W.?  Ben Bernanke, Mario Draghi, and a player to be named later. Thus  sayeth Zervos: We have to wait and see the final make up of the trio. But after last week, Mario has clearly been elevated to financial sainthood along with our current hero, St. Ben. With 2 sentences last Thursday, Mario rode Spanish and Italian 2yr yields nearly 200bps lower. It was like watching George Woolf ride Seabiscuit. Beautiful!!

Read more: http://www.businessinsider.com/david-zervos-committee-to-save-the-world-part-deux-2012-7