Financial and Monetary Systems

Beware the fragility of the global economy

A rainbow appears over hotels on the Las Vegas Strip in Las Vegas, Nevada,after a rainstorm July 26, 2003. More storms are expected in the area forseveral days as the local monsoon season continues. NO RIGHTS CLEARANCES OR PERMISSIONS ARE REQUIRED FOR THIS IMAGEREUTERS/Ethan MillerEM/WS - RP4DRHYJGHAB

Mixed signals: upbeat markets bask deep vulnerabilities in the economy Image: REUTERS/Ethan Miller

Alberto Gallo
Portfolio Manager and Head of Macro Strategies, Algebris Investments
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