First 'PIGS' now 'STUPID'

Last week I reported on the new mnemonic 'PIGS' being used to describe those countries (Portugal, Ireland, Greece and Spain) who were thought most at risk of defaulting on their sovereign debt.

I read on Guido Fawkes that

"Now Ireland is controlling government spending with swingeing public sector cuts they are not being talked about so much. Attention has shifted to the S.T.U.P.I.D. countries: Spain, Turkey, UK, Portugal, Italy and Dubai. These are the countries the City now fears to be at risk of sovereign default."

What great company for the UK to be in.

I will also be keeping an eye on Zero Hedges's S.T.U.P.I.D. index which is a Credit Default Swap index, so bad news means the chart goes up.