The Heat is On

You can make a breath
You can win or lose
That's a chance you take when the heat's on you
And the heat is on
--Glenn Frye

One of the purported rationales behind the EU's bailout actions over the weekend was to defend the euro against 'speculators.'

Well, it took less than two trading days for the euro to fall back to pre-bailout levels. One way to read this is that a whole lotta euros will have to be printed in the bailout process.

Another interpretation is that the bailout effort will fall apart.

no positions