EUROBLOWN: Why today’s mysteries will be tomorrow’s mass tragedies
From a strong euro to a Bank of Cyprus failure, from Greek debtor prisons to gold somersaults, very little in 2013 is really a mystery.
Oleg Deripaska, that good friend of Lord Fondlebum and all-round keen metals negotiator, declares himself puzzled today at the level of the euro. “Why is it so high?” he wonders with feigned innocence, “it is holding back the European recovery”.
It’s not hard to hold back a dead horse, but it is very easy to increase the ‘value’ of a dead currency: you simply buy a lot of it. This is precisely what Mario Draghi is doing, because he has no other option: if he lets the eurine float naturally, it will head for the sewer. And that in turn will mean the current flight from eurozone investment will turn into a Calgary stampede.
We are, by the way, still waiting for the ECB’s…
View original post 973 more words