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..There's a little Samuel Pepys in all of us..

Sunday, July 29, 2012

"To the extent that the size of these sovereign premia hamper the functioning of the monetary policy transmission channel, they come within our mandate.... We have to cope with the financial fragmentation, address these issues.... Within our mandate, the ECB is ready to do whatever it takes to preserve the euro.... And believe me, it will be enough." And these words from the President of the European Central Bank.. Mario Draghi appears to have given the markets some degree of assurance..
But.. it must be remembered that moves the ECB may be planning.. the likes of buying Spanish and Italian government debt.. are limited strictly with the continued growth of Germany, in particular.
And it must also be taken into consideration, how long the German people themselves will allow Angela to prop up 'member economies', which if not for their hard work would be in deep depression.
While the € is enjoying inflated worth today.. this week.. for perhaps the summer..
The magic bullet.. the cure.. remains unknown.
Regardless of rhetoric from the ECB..

It's a concern that many on this island are sweeping under the rug, so to speak, as we revel in the Olympics..
We needed this.. The Royal Jubilee.. these games..
It will soon return to being.. grey.. again..
We'll soon be stoically going about our day routines, with the summer of 2012 becoming part of the fabric of fond memories, which keep most of us sane..
Bright side of life, and all that..

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