WALTER RUSSELL MEAD: The Culture War Over Europe’s Money. “The European crisis repeats the same pattern endlessly. Bad news sinks markets, ultimately accelerating into a panicky wave of liquidation. European leaders convene, deliberate and emerge with what they say is a ‘fix.’ Markets leap in joy, until investors gradually read the small print and discover that the fix is a fudge and the core problems remain. Then the bad news starts up again and the markets sink. Repeat. Endlessly. That seems to be Europe’s core strategy for coping with the greatest challenge since World War II. This week we see the cycle at work again.”
IF IT'S THE WEEKEND THEN IT'S TIME FOR ANOTHER BOGUS "PROGRESS ON SAVING EUROZONE!" STORYTHIS WEEK'S VERSION HERE.THE POLITICIANS DO THIS ON PURPOSE: TO PREVENT A MELTDOWN IN THE MARKETS.THEY LEAK OR EVEN ANNOUNCE SEEMINGLY GOOD NEWS ON SATURDAY AND SUNDAY SO THE MARKETS OPEN UP.BY WEDNESDAY OR THURSDAY THE TRUTH LEAKS OUT - JUST IN TIME FOR THEM TO SPIN THEIR WAY THROUGH ANOTHER WEEKEND.INCREDIBLY, IT'S WORKED FOR A FEW MONTHS NOW. I HAVE A FEELING IT WON'T WORK MUCH LONGER.