Last week I closely followed four stories. None of the results were in any way really pleasing. Except maybe for the drubbing Merkel and more important Westerwelle received, but that’s just me.
The dome that was supposed to funnel the oil from the well into ships on the surface has failed. BP and everybody else are at a loss with what can be done about it. I submitted the above link to reddit and the discussion there starts with a toungue in cheek remark to “nuke it” and results in some serious discussion of whether this was possible. Yes folks, the situation is that desperate.
Forget about the dire warnings of “senior bankers” that a government pact rather be quick, but from what I see there is no real compatibility amongst the prospective partners of a coalition to lead to a lasting government. Electoral reform is necessary, but how much will come out of it, if the parties you can choose out of still suck?
That’s wat Angela Merkel needed most. Instead of wiping the sweat of a heroic rescue mission from her brow (see below) she returns to Berlin as a sad loser. By her own making. Or rather, by her own government, cause her junior partner helped this defeat along a goodish bit. Germany being the biggest still functional economy in Europe, this will have an impact.
Markets are upbeat about that. Up somewhere between 4% and almost 7% today. Now what is it really? The secure feeling that the Euro and with it European economies are really more stable now, or the prospect of another trillion dollars in liquidity on their way right from European taxpayers pockets into the assets lists of international banks?