Worry about the eurozone crisis if you like. But profit, too

If you want something to worry about, you need only cast your eye across the channel to find yourself spoilt for choice. There is the background noise of massive unrepayable sovereign debt levels. There’s huge youth unemployment. There are angry minority political parties — note the rise of Spain’s anti-austerity party Podemos. There is the battle between those who think the eurozone can survive as just a monetary union and those who know that it will only survive if it gives into political union.

There is the threat of deflation (nice when you aren’t in debt, crippling when you are). There is the new phenomenon of negative yields, whereby desperate investors are prepared to pay more for sovereign bonds (and the occasional corporate bond) than they know it is possible to get back if they hold the bond to maturity. Yields on more than $3 trillion worth of sovereign debt are already negative.