• The ability of Greece to meet its rescue terms

• China raised reserve ratio requirements for the third time this year.

• Australia just unveiled a massive new mining tax.

•    Financials (stocks) are being re-rated by the rising specter of financial re-regulation.

•    The ECRI leading economic index just slipped to a 38-week low. Prospects of a second half slowdown loom large.

•    The attempted terrorist attack in Times Square is a reminder that geopolitical risks have not gone away.

•    Treasury yields have collapsed nearly 35 basis points and are not consistent with the recent move by equities.

•    The U.S. implicit GDP price deflator receded to its slowest rate in 60 years in the first quarter.

•    The latest Case-Shiller house price index confirmed that we are into a renewed leg down in home prices.

•    Initial jobless claims are not consistent with sustained employment growth.

Governments see it differently, of course.

“The global recovery is better than anticipated largely because of unprecedented efforts of the G-20 countries (to stimulate their economies),” Canadian Finance Minister Jim Flaherty told reporters at a recent G-20 meeting.