"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Thursday, December 2, 2010

How Dare A Rumor Not Be True!

If you remember, the European markets were partly up on the rumor that the ECB was going to take action to deal with Europe's debt crisis by massively ramping up their purchase of the sovereign debt of troubled (and by troubled I mean PIIGS, not all the other troubled nations) debt.

Now? It appears that the ECB plans to just maintain its existing programs - i.e., it is ready to bail nations out if they self destruct, but it's not going to do anything else. And the markets are "disappointed". Their final response will wait until after 1330 GMT today, when ECB President Jean-Claude Trichet addresses the press, but only the delusional (I mean, optimistic) expect anything new.

So, what will happen when and/or if President Trichet disappoints the European markets? Well, in fine European fashion, probably.

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