Investors are fleeing the euro this morning like it’s a mutant alligator that just crawled out of the sewer drain, pushing it down nearly 1% to $1.34, following an absolute flop of a German bond auction. Given that Germany is one of the world’s last safe havens and Europe’s pillar of strength, should investors be freaking out so much? The short answer: Kind of. Germany was only able to find buyers for a little more than half of the 6 billion euros’ worth of 10-year bunds it was trying to sell to the market this morning. This was, pardon the market jargon, a “disaster.” But it was not the first disastrous German bond ... (full story)