Well it looks like the Euro zone gurus are trying to stay ahead of the curve. In last night’s post I speculated that the latest MOPE of the Chinese buying Italian bonds would be shown to be bogus before markets opened on Wednesday. Even with the European market up today, feeding off of yesterdays delusion, the ECB may be preparing for the collapse of yesterday’s MOPE by spreading today’s MOPE. Namely that it’s not the Chinese but the Russians who are going to come to the rescue of the European bond market.
Apparently even this rumor was not deemed enough to inspire the necessary MOPE as within a few hours it was revised to throw possible Brazilian involvement in the mix in hopes of trying to create some perception of a trend. The half-life on this was pack of lies was made even shorter than expected when the Brazil's Central Bank policy head Mendes met with the press saying that the "Euro is less important in Brazil international reserves", and "Brazil seeks reserve currencies with solid fiscal positions." Oops! Looks like at least one of the prospective victims aren't in the mood to be associated with the Euro debacle even if only in an unsubstantiated rumor.
Seriously “they said what?” After China, then Russia, who’s next, India, Papua New Guinea, or maybe Easter Island? Lord knows they are trying to raise the dead.
I've heard that a Zimbabwean billionare is looking to buy Italian bonds and SocGen stock. All is well! Nothing to see here, move along.
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