A friend of ours noted this pm, after the Merkel / Sarkozy announcement that it was, "The usual European story, everyone is in total agreement that things need doing, just not on how and who should pay! Can kicked down the road for another month. If markets improve between now and then can will be kicked again. Only the market can force the issue."
That perfectly sums up the past 12 months. And as to the period up to Nov/3, Nick feels that if the market stands back and drops the 2x4, then EU types will simply go slack.
This time, we think these leaders have learned something. They’ve gone through the process of squirming, then screaming and kicking, all the way to the operating room. We think the frontal lobotomy actually worked (sorry Randle Patrick McMurphy).
We think this time our friends Merkel and Sarkozy are on to something, or at least a large part of something - compromise, then move on, or their legacies head for the dumpster. We expect the mkt crowd to come to agree. (They don’t at the moment, as the Euro is lower, Singapore open).
Robert Craven
That perfectly sums up the past 12 months. And as to the period up to Nov/3, Nick feels that if the market stands back and drops the 2x4, then EU types will simply go slack.
This time, we think these leaders have learned something. They’ve gone through the process of squirming, then screaming and kicking, all the way to the operating room. We think the frontal lobotomy actually worked (sorry Randle Patrick McMurphy).
We think this time our friends Merkel and Sarkozy are on to something, or at least a large part of something - compromise, then move on, or their legacies head for the dumpster. We expect the mkt crowd to come to agree. (They don’t at the moment, as the Euro is lower, Singapore open).
Robert Craven
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