Friday, 3 August 2012

EU is sooo predictable

I wrote on Wednesday that nothing specific or helpful would be decided at yesterday's (Thursday) ECB meeting. Thus it was as the DT headlines showed. "Draghi bond plan fails to win over European markets". What plan?

Alternatively, " Draghi allows time for eurozone politics to prepare for Spanish bail-out" by Damian Reece. Well all that requires is for Spanish to surrender their fiscal sovereignty to Dr Frau Merkel so no problem there then.

The BBC economics editor Paul Mason got closest to the real truth on Thursday's Newsnight repeating what I said in my Wednesday blog. Its all about clearing the decks for the EU elite to sail their yachts without interruption on the Med  during August. The Italians like to sail their boats to Greece across the Ionian sea. Good to see Draghi looking after his countrymen.

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