Monday Macro - Don't be too depressed

Unless you work in commercial real estate

I’m back from parts foreign and we’re already mid-way through a banking crisis. I don’t intend to add to any of the excellent commentary of what’s happened so far, except to say that if I were a betting man (which I’m not) I wouldn’t put my money on more bank runs in the short term. That said, Deutsche is looking a bit wobbly.

It seems to me that we are …