Free-Market Analysis: We're getting a bit tired of perhaps the greatest mainstream journo, Ambrose Evans-Pritchard. He was quite good in predicting the possible death of the European Union or at least the euro. But he's undergone a considerable evolution in the past few months.

It started when he predicted (yes, we remember, Ambrose) that Spain would weather the Euro-downturn just fine – and without the problems Greece was having. We still don't understand what that was all about.

One of the good things about reading Evans-Pritchard is that he analyzes things through a monetary lens. But in that article, he suddenly started writing about industrial "fundamentals" – as if they mean anything in this day and age.

He sounded a bit like Bill Clinton proclaiming the "end of the business cycle." That always happens right before a crash. And sure enough, Spain crashed a few months later.