Does anyone really believe the European Union can co-ordinate an effective response in quick time
The rally in US stocks in the final hour of trading today is only further evidence of the naivety of current stock market participants - or at least the machines that are now truly running the stock market asylum!
Despite all that has happened (or not!) over the past few months, so called intelligent individuals appear to still believe that European Union finance ministers really are capable of co-ordinating effective recapitalisations of financial institutions, in quick time. Surely we have all learned that the European Union, in any of its branches, is incapable of achieving anything in a normal and expected timescale. The Financial Times reports that, European Union finance minsters have agreed that additional measures are urgently needed to shore up the region’s banks. It appears that the failure of that banking giant Dexia has stirred them into…