Every time officials in Europe start yapping about containing the European debt crisis, the market makes complete fools of them.
Indeed. Can speculators and credit default swap traders be merciless and predatory? Absolutely. But they can’t force down something that is healthy. When high-ranking officials in a corporation or government try to blame their problems on short-sellers, then it’s a given the institution is in trouble. For Sarkozy to fulminate about evil short-sellers just perks up their interest even more.
EU proposes 500 billion euro bailout, biggest ever. A desperation move, you ask me. And they’re also saying the euro is undergoing an “organized worldwide attack.”