Eurocrash: Karlsruhe sticks to schedule
Tuesday 11 September 2012
 Gauweiler had demanded that the judges took into account the Dragi plan when considering their verdicts, arguing that this created an entirely new situation which needed a fresh hearing and a delay in the verdict. My impression, though, is that there was more than an element of grandstanding in this, by an inveterate self-publicist who had been taken in by the Draghi hype and had failed to detect the lack of substance in the package. That the court has rejected the application, therefore, does not come us a great surprise. Already the Draghi plan is unravelling as even the markets begin to get cold feet, demonstrating the very lack of substance that the courts undoubtedly recognised. We thus look as if we are in for another dose of the slow-motion train wreck which is both tedious and fascinating. Not for the first time does one yearn for a liberation from the unending convolutions, and look for a resolution – any resolution, so that we can park the issue and move on. But this resolution is not going to come tomorrow with the court judgement, and one is still torn between wondering whether the "colleagues" are playing a blinder, or whether their delaying tactics are simply putting off the inevitable disaster. Arguably, the euro is to economics as the bumble bee is to aerodynamics. As we all know, that latter should not be able to fly, but it does. As for the euro, we all "know" that it should by now have crashed and burned … but still it exists. COMMENT THREAD Richard North 11/09/2012 |
Sorry about that
Tuesday 11 September 2012
Millions of sites went down yesterday, in a misguided hacker attack. Ours was amongst them. Too late to blog … back on the treadmill later today.
COMMENT THREAD Richard North 11/09/2012 |
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