The number of arrogant, unbelievable lies from the EU and ECB are flying so fast I do not have time to report on them all.
Please check out these lies by French finance minister, François Baroin as reported by the New York Times in Amid Warning Signs, Hints That Europeans May Step Up Action
Rising alarm that Europe is not addressing its economic problems with sufficient speed or force pervaded and soured the annual gatherings here on Friday of economists and policy makers from around the world.
European officials sought to soothe the concerns, taking to podiums across the city at the annual meetings of the International Monetary Fund and the World Bank to defend the financial health of the euro zone. They also reiterated their commitment to developing a coordinated response by early November.
“We presented a communiqué yesterday. I’m not going to repeat it,” the French finance minister, François Baroin, told a reporter who asked why Europe was not announcing new steps this weekend. “We have a method, a strategy, a calendar, nothing else to add.”
No Method, No Strategy, No Calendar
François Baroin would not repeat the communiqué for the simple reason there was not a damn thing in it.
I commented on the communiqué in Asia Pacific Equities Slump Following Ridiculous Pledge by G-20
Check out this statement by the G-20 following the recent multi-day plunge in global equities and commodities: “We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required“
Is that statement supposed to ignite global laughter, relieving the market of stress?
- What is the method?
- What is the strategy?
- What is the calendar, other than a promise we have heard ad infinitum to address the crisis at some point in the future?
François Baroin has nothing else to add because other than more lies and bluffs.
No Strategy, No Method
There is no method, and there is no strategy. There is only talk of producing a strategy by November.
Good luck with that given all the EU infighting. At this juncture I doubt the market will wait until November even if the EU could come up with a viable alternative to default (which it can’t).
Mike “Mish” Shedlock
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