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Jean-Claude Trichet Farts In Your General Direction

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And the ECB don't need no stinking stimulus, and won't be pumping cash shamelessly into the European economy, thank you very much. Of course, this might just be a reaction to the fact that, historically, Europeans have quite a bit more experience with, and therefore fear of, inflation than Americans. Either way, Jean-Claude's slight is just the latest sign of what amounts to a total lack of respect for the likes of Tim "The Safecracker" Geithner in Europe. The G20 is just as anxious to be rid of Geithner and, by extension, his hand on their purse strings, as anyone else. As usual, Germany is expected by the world to haul the freight for the continent so its somewhat surprising that Trichet (no friend of Wiemar) has been supportive of Europe's (read: Germany's) spending sloth (aside from buying its citizens a stack of new Volkswagens, that is).
It is hard to blame Trichet. The United States has to abate this crisis anyhow, so why not ride on the coat-tails without blowing up your own debt, and emerge with the kind of fiscal strength that the United States will lack after tacking $2 trillion onto the liabilities side of the balance sheet. Hell, played right, the Euro, and not the Dollar, might emerge as the world's reference currency. (We giggle here, but only just).
ECB Chief Says Boost In Stimulus Not Needed [The Wall Street Journal]


The French Fart in the General Directions of London and Frankfurt

Oh, the wily and unscrupulous French: They spend years arguing with the ferocity of a cockfighter for tough, nay, draconian financial regulations. And then they elect a Socialist who promises to be even less interested in the concerns of the monied classes. And then, when Europe's two biggest economies—the ones housing the financial centers the French hope to destroy—announce that they'll impose the aforementioned tough, if not draconian, regulations, the French say, joke's on les Huns et les rosbifs.