Thanks Draghi: Spanish 10 Year Yield Slides Below US

"Earlier today something happened which we haven't seen since a very brief period of time in 2010, and then going all the way back to 2007: Spanish 10 Year bond yields tumbled below those on US 10 Year Treasurys.

So is this an indication that the Spanish bond market is suddenly safer, and more credible than that of the US? Of course not. All we are seeing is merely the manifestation of the latest ECB carry trade pushing local banks not to lend the ECB's cheap money out to consumers, but to engage in yet another Draghi-subsidized carry trade..."

at http://www.zerohedge.com/news/2014-06-09/thanks-draghi-spanish-10-year-yield-slides-below-us