Read This If You Want To Start Off The New Month Being Depressed

Happy First Day Of Q2!

Are you feeling good?

If so, SocGen currency analyst Kit Juckes has just what it takes to get you feeling down.

In his morning email to clients he writes:

Read Wolfgang Munchau in the FT if you want to start Q2 depressed. I'm pretty sure it isn't an April Fool's 'joke' piece, but 'it is logically irrational for a Spanish saver to keep even small amounts in the Spanish banking system' and 'for Spain too, it will become economically rational to leave the eurozone' is pretty aggressive even for Mr Munchau.

Also he recommends David Stockman's NYT op-ed about how everything is a debt-fueled bubble, and going to collapse in a smoldering heap.

Says Juckes:

So there we go. In the U.S., we have an unsustainable money-fluffed recovery; in the U.K. we have a Sheriff of Nottingham style attack on the poor; in Europe we have respected journos arguing for deposit flight. But in Asia this morning, and with the exception of India, we have decent PMIs and an on-going economic recovery.

That's all a good overview of the economy right now, and how people feel about it as we start the new quarter.

Europe is misery. The U.K. is being run by fools. Asia is fine. The U.S. is strong, but something has to give.

In truth, the gloomy David Stockmans of the world are a good sign. There's still a deep well of residual hate for the U.S. recovery and stock market comeback. We wouldn't like to see everyone on board.