Last week while Germany’s gate-keeper Angela Merkel was off line for the day hiking with hubby, the ECB’s Mario Draghi seized the opportunity to elate algo traders everywhere with bold pledges of support (aka blank German cheques): the ECB would do everything within its mandate to save the Euro. Since then the Bundesbank and other German representatives have issued a series of statements in the “nein” line as they continue to assert that insolvency problems facing some states are fiscal and that these problems should be addressed by government efforts to rein in deficits not further monetary injections. Here is a direct link.
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The longer the Fed waits, the stronger the medicine need be. Like an anvil, the weak economy will be so weak, that a feather on the anvil will make the economy drop through the floor.
Wait. Watch. See.
“When it becomes serious, you have to lie.”
Jean-Claude Juncker (aka Mr. Lie), Prime Minister of Luxembourg and former President of the European Council.