I have to say that the theory that the markets are the synthesis of a bunch of knowledge has taken a real body blow over the past several years. It is obvious that more loans to Greece won’t work. They can’t stop spending. Any time they try they get riots. The type of radical spending cut they need will result in civil war. Yet the markets somehow thought that a new loan package would get Greece back off the cliff. Amazing that people who are billed as so smart can be so stupid.
That's the second heavyweight German banker to, ahem, bail out after Axel Weber from the Bundesbank. Two top bankers not going along with a mega-scam. Imagine that.