Archives for December 23, 2011

Happy Christmas

And probably my all-time favourite, though this version isn’t quite right:

Watching the Euro

There is a fascinating article from Bronte Captial about the Euro Fix. The story so far, if you’ve forgotten: the ECB can’t be a lender-of-last-resort to governments, because it isn’t allowed to (from memory, the Krauts say No). But in a transparent fix, it is allowed to lend to banks, if those banks put up…