Friday, November 25, 2011

All I want for Christmas …

A couple of years ago, this news would have been unthinkable. Now it doesn't even make the front page. Even Failygraph hacks are predicting it, eight years after we said it would happen in our book. It is getting so serious that even The Boy is noticing, although TBF is not falling over himself with admiration at the Brogan perspicacity.

Nevertheless, there are very few truly free things in this world, but saying "I told you so" is one of them, so we might as well enjoy the moment while we can. Zerohedge paints the picture of decline. It has Jim Reid of Deutche Bank asking: Should we get excited ahead of the treaty changes? The answer is that we are undoubtedly slowly moving closer to the start of a path towards fiscal union.

"However this process, even if it runs smoothly, will likely be a long, drawn-out, arduous journey," he says. "Unfortunately markets are moving at a much, much faster pace and we probably don't have the time for a slow measured path towards fiscal union."

The "colleagues" are well and truly domed.