This morning, the German foreign minister, Wolfgang Schanble, took himself hostage in a locked room in the ministry in Berlin and threatened to execute himself if the Greeks did not adhear to their promises and clean up their act...
...No not really, but it was close. I thought yesterday that there was nothing much else to say but for Herr Schanble to threaten the Greeks with a cut-off of bail-out funding unless they accept and adhear to the conditions mandated by the Euro states comes pretty close. We are rapidly approaching the point where it is the Greeks who are doing the rest of that lot a favor by trying to get their fiscal act together and oh, by the by, borrowing more money that they can't possibly pay back to bail out the banks--some of whom are close to Herr Schanble--and keep Euroland together for as long as possible. I don't know whether we have reached the level of farce or tragedy; Shakespeare I'm not. Perhaps it's somewhere in between.
Anyway, today was the day for the central bankers. Again this morning, Jean Claude Trichet discovered that maybe inflation wasn't such a big threat after all and decided to hold rate at present levels rather than succumbing to his natural reaction to most things by raising them again. The markets cheered and the punters bought happily. And then, Zut Allors, Bernanke dit rien! The markets crashed. I always wondered about the theory of Rational Markets because half the people I knew in the markets were not rational and some others were outright idiots. Seems as though things haven't changed, and to close this day out we have The Leader with his jobs chat just prior to the openig game of the National Football League. Now opening for Frank Sinantra in Vegas some years back was considered to be the best gig in the buisness for a non top-tier entertainer but for the NFL? I'm going to watch because I really want to see if this guy can get through, ARE YOU READY FOR SOME FOOTBALL? without it being on a teleprompter. I'm told the line in Vegas is 8 1/2--5 1/2 against. Give the points.
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