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Euro summit: No plan & no time

May 23, 2012


Wall Street Journal headline says it all.

Panic time as euro-zombie-debtor-insolvent-sleepwalker-lemmings notice the imminence of drowning.

Bankrupts to the right of her, / Bankrupts to the left of her, / Bankrupts in front of her, / Vollied and thundered. / Onward she flew, / E’en though she knew, / Someone had blundered. / Into the valley of the shadow of death, / Into the gaping maw of hell, / Came brave Chance’lor Merkel.

In Europe, Time for Plan B, Only There’s No Plan, and No Time – MarketBeat – WSJ

“Hey, give the Germans credit for showing some backbone.

The problem is, though, this leaves Europe at another crossroads; only there’s no road on the other side.

There have been two main responses to the crisis: austerity, and kicking cans down roads.

Austerity, in case you haven’t noticed, is so last year. It’s out.

Which means that unless something else is found, some other comprehensive plan, the other main response, can kicking, is going to run out of road.

Just about everybody backed the idea of eurobonds, except for the Germans,

[A]nd since they’re the ones with all the money, they’re kind of the only ones whose vote counts anyway.

So, it’s time to go to plan B.

Only there’s no Plan B,

[A]nd there’s no time, either.”

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