Something is not confirmed till government officially denies it

Continuing in the tradition of taking the other side of government’s hysterical hyperbole, today we have:

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8197418/Euro-will-not-fail-say-Wolfgang-Schaeuble-and-John-Major.html

The single currency won’t fail, and the region’s nations are determined to defend it, Mr Schaeuble told German newspaper the Bild am Sonntag in an interview published on Sunday.

Those who bet their money against the euro will have no success,” he added. “The euro won’t fail.

Although by many metrics the Euro has already failed, I’ll go along and as I’ve done in the past, I will take the other side of this bet. As I said. This is a bet I am taking after the fact so it’s easy money. But that not withstanding, the more strident the declarations proffered by government minions and the more they run around arms aflailing the closer we are to total rout.

Separately, John Major on Sunday gave the single currency his vote of confidence.

And that’s supposed to be an endorsement? I guess that if Obama can wheel out and abdicated to a former president to boost his failed policies, then the Europeans can wheel out some old prime minister too for the same reasons. I am just not clear why Europe should ask for support from a UK former prime minister.

There is no reason for the IMF to enter Portugal, because Portugal does not need that,” he [Jose Socrates prime minister of Portugal] said, according to the daily Portuguese newspaper.

This guy has evidently learned nothing from one of my favorite Pinatas Joaquin Almunia whom incidentally has made a real sudden disappearing act.

Advertisements

Tags: , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: