{"id":1513,"date":"2011-11-29T11:31:58","date_gmt":"2011-11-29T09:31:58","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=1513"},"modified":"2011-11-29T11:31:58","modified_gmt":"2011-11-29T09:31:58","slug":"el-eurobono-ha-venido-y-nadie-sabe-como-ha-sido","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/el-eurobono-ha-venido-y-nadie-sabe-como-ha-sido\/","title":{"rendered":"The Eurobond has arrived and nobody knows how it happened\u2026"},"content":{"rendered":"

\"\"The secret will not be revealed until Monday 12 December. But given what we have seen in terms of the cowardice, mediocrity and financial incompetence of the EU\u2019s politicians and bureaucrats, coupled with the conflicting interests of the Merkozy duo, it cannot be ruled out that the eagerly awaited announcement on 9 or 12 December will amount to yet another ineffective stopgap measure. Nevertheless, hopes are pinned more than ever on these statements, which will do nothing more than make public the agreements that have been secretly being hatched since the finance ministers of Germany, the Netherlands and Finland met discreetly last week.<\/p>\n

At least the sequence of events is as it should be. Meetings are being held behind closed doors, without the spotlight or stenographers, bypassing the European Commission and disregarding the EU\u2019s sacred, obsolete and inoperative treaties. Encouraging, no doubt. On the other hand, Obama is not only endorsing the process but perhaps even driving it forward, and Merkel seems to be fully aware of this.<\/p>\n

The outcomes to be announced on the 12th could essentially take two forms: on the one hand, a failure to reach an agreement, or an agreement that is useless, slow to implement, lacking in commitment and ineffective. This would plunge the markets and economies of almost the entire Eurozone into the abyss. On the other hand, there is the announcement of an agreement that commits a group of countries to going far beyond their current commitments to the EU. Faced with the bleak first scenario, I prefer to focus on the promising second option: this would be an emergency agreement signed by a group of countries with economies strong enough to avoid being written off. Such an agreement would need to pool their fiscal resources and bring their labour and economic policies into full alignment. This process would not happen overnight, of course, but it would be a very promising first step, sowing the seeds that would serve to restore credibility in every sense to this group of countries for a few semesters.<\/p>\n

It must be said, however, that the greater the number of countries making up this group of \u00abchosen ones\u00bb, the lower their chances of success. In other words, the more the bar is lowered in terms of the quality of their members\u2019 economic figures, the more these will clash with Germany\u2019s, just as has been the case over the last three or four years. However, we must not lose sight of what might happen to those left out of that select group. For the future of the financial collapse also depends on them, via contagion. Common sense tells me that a balance should be sought between excluding countries with economies in a terminal state and the lowest possible weighting (precisely to minimise the aforementioned contagion) whilst, at the same time, keeping the select group as homogeneous and as compact as possible, since Elephants don\u2019t fly<\/em> and even less so if we mix them up with mammoths over time. Yes, I know we\u2019re trying to square the circle, but ignoring and demonising the markets for so long has led us to face problems that are almost impossible to solve.<\/p>\n

\"\"<\/p>\n

At the moment, Mr Market is already pricing in that glimmer of hope at the end of a tunnel that will stretch until 9 or 12 December. Call me naive, but I find it hard to believe that the politicians will fail again. Because this time it is not just the EU that is rolling up its sleeves, but also Obama, the IMF (led by a Frenchwoman who is more pro-European than DSK) and even the Chinese \u2013 behind closed doors, of course. And because there is practically no room for manoeuvre left, now that the markets are turning their backs on the debt of the whole of Europe, including that of Germany itself.<\/p>\n

The fact is that, whatever politicians, demagogues and other financial illiterates may say, only that devilish creature with horns and a tail known as Mr Market is capable of setting right the decisions that the political class would otherwise never have been able to take. If we do pull through this \u2013 which remains to be seen \u2013 it will be because the markets are laying down the law.\u00a0No one else. Because it is the markets that, through blood and fire, are imposing the<\/span> the only sensible laws that steer clear of the surrealism and madness of the endless squandering of public money. Perhaps they will never be given their due for services rendered. But what should give us comfort is that, at heart, we are all part of the Markets, with the exception of politicians and those in power \u2013 with the exception, that is, of the still-rare technocratic governments.<\/p>","protected":false},"excerpt":{"rendered":"

Hasta el lunes 12 de diciembre no se revelar\u00e1 el secreto. Pero visto lo visto en cuanto a cobard\u00eda, mediocridad e incompetencia financiera de los pol\u00edticos y bur\u00f3cratas de la Uni\u00f3n, unida a la incompatibilidad de intereses del duo Merkozy, no es descartable que el esperado anuncio del 9 o 12 de diciembre quede en […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,45,41,37,48],"tags":[],"class_list":["post-1513","post","type-post","status-publish","format-standard","hentry","category-actualidad","category-asesoramiento-deportistas-artistas","category-economia-y-finanzas","category-reflexion","category-asesoramiento-patrimonial-multi-family-office-crear-mi-propio-family-offices"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/1513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=1513"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/1513\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=1513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=1513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=1513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}