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The Euro's Premature Victory Lap
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The Euro's Premature Victory Lap

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The Euro's Premature Victory Lap

By Joe Eqcome:The definition of a second marriage is that it is a triumph of hope over experience. To this we must add to last week’s communiqué cobbled together by the European policymakers outlining the ”architecture” offered for resolution of the two-year running euro financial crisis as exhibit #2.

As been pointed out here before, economic policy has been hijacked by the political process. As one observer pointed out, “politicians campaign in poetry and administer in prose”. What we have witnessed this week is just the political campaign offered to solving the euro crisis.

“Read My Lips”: While investors greeted this mid-week proclamation with great fanfare and hope, one must separate words from action. This distinction was visibly validated by George H. Bush’s “Read my lips” proclamation (click here for attached video).

I’m neither a euro-skeptic nor am I invested in the failure of one of the important engines of global economic


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