Der Surrender
Things ain’t so fine on the Rhein
They say bad news comes in threes, and that’ll ring true for Angela Merkel this morning. First Germany was knocked out of Euro 2012, then she was forced to back down at the EU summit and now German retail sales have dropped for a second month running in May. Sales unexpectedly fell 0.3pc from April.
Quote of the day:
A decisive solution: using a fund that doesn’t exist to buy debt that won’t be repaid via a mechanism that hasn’t been agreed.
But really, everything’s wonderful, Kids, because the Eurocrats have so declared.
Of course, some sensible folks aren’t impressed
Even as markets cheered the agreement by European leaders to allow the direct use of the bloc’s bailout funds to recapitalize struggling banks, well-known investor Jim Rogers told CNBC the move does nothing to help solve the region’s biggest problem, which is its high debt levels.
“Just because now you have a way to get them (the banks) to borrow even more money, this is not solving the problem, this is making the problem worse,” Rogers said on Friday.
“People need to stop spending money they don’t have. The solution to too much debt is not more debt. All this little agreement does is give them (banks) a chance to have even more debt for a while longer,” he added.
Biz, Nanny State, People, Politics | Mr. Bingley | 
June 29, 2012 7:00 am
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#RACIST !!! #WarOnWomen !!!!
Eurocrats = socialist idiots.
That’s not what Helicopter Ben said.
I wonder if there is any way to short the entire European stock market?
Michael, didn’t they try that in France in 1789?
Oh, wait, you said ‘short’ not ‘shorten’.