Red Herrings' Summit

"You have ten days to save the Euro"

 

That was the headline before last week's euro-saver-summit. And now? The magic bullet is to be an old hat called Fiscal Union and one more silver bullet was left to make David Cameron come across this brilliant idea of walking away from Europe in order to save his respectively the banksters' City?!

Great!

Fiscal discipline, the focus on strengthening competitiveness and penalties for those who are too deep in debts will actually have to sort out the Greek economy and that of all the other PIIGS and friends; together with iron German austerity concepts and French red but too short herrings this is the latest Wunderwaffe to save the Euro - in just ten days. Merkozy should write two thick books about it and use those to stand on; at least that will make them taller.

I bet Italian bonds will be creeping back up above 7%, the ECB will buy more bond crap and not call it Eurobonds and soon it will be very irrelevant how few diplomacy lectures DavidC ever had for breakfast at Oxford; and his teammate needed a day or two to understand the implications and now tries the splits.

It just makes very clear if you did not know before that none of those in charge of the problem have any plan to sort things out. Red herrings in dark waters.

Carpe diem!