Fintan OTolle, literary editor of The Irish Times sets forth some critical but brutally honest clear points on the preeminence of the Troika over European countries (specially those in need of financial assistance) focused on the lack of accountability and oversight and what is currently one of the most powerful bodies in the modern world.- The fact that this supranational-unaccountable corporation is setting the standard and conditions for assisting troubled economies doesnt leave much room for improvement, specially in lieu of the ever worsening situations on the periphery.
It is important to grasp that the stupidity of the proposal to raid guaranteed deposits is not an aberration. It is an inevitability. Why? Because unaccountable institutions with too much power always make bad decisions
Full article here.-
1.3420 support has faired quite well, considered it has been tested several times during the last week. The level has been accepted, at least for now. Feels like it is waiting for something. It is important to note also, that there has been a very high positive corraltion between the Euro and the S&P500 futrures, lately.
The Euro open on Sunday night with tiny 5 pip a gap down, which was almost instantly filled following the first 20 min. of the session. This has not happened with the ES, which is currently almost -10 points, at the time of writing (11:40PM, ET). This is defintely saying something.
Levelwise, the chart below is showing the areas of interest. Aside from the 1.3420-1.3400 level, It is important to point out the 1.3250-1.3330 as a key level, where the previous upmove back in early June took place, followed by 1.3170-1.3220.
To the upside, if the barrier of 1.3650 is breached, I think the Euro could possibly see 1.3800-1.3850, even 1.3950-1.400. Compared to previous crisis (2009, for example), the Euro has faired fairly well, considering the crisis is only getting worse. This makes me think, as a possibility, the alternative of some in the market have been already pricing in some sort of future event. Just an idea.
Silvio Berlusconi in pictures
At least he wasn´t boring…
(via The Telegraph)
In an interesting twist on the Dominic Strauss-Kahn case, the NYTimes just posted an investigation suggesting that mayor issues have risen on regards to the witness credibility and the the case against DSK might be in jeopardy…
Now the setup theory is arising, sounds like a great redemption history, a flash crashed ave phoenix .
Can he still run for President?
By the way, The euro just broke 1.45