Wednesday, December 1, 2010


Well, just when I was saying that the ECB wasn't smart enough to save the Euro by pooling sovereign default risk, Trichet hinted he might do that. Or at the very least, he 'refused to rule out' issuing common Euro-area bonds.

Nice idea. Otherwise welfare states are going to have to pay to bail out investment banks. Maybe we can just roll it in with QE and pretend it's nothing to do with fiscal policy at all...