And just like that things are going bump in the night once more. First, as previously reported, the $100+ WTI surge continues on fears over how the Egyptian coup will unfold, now that Mursi has a few short hours left until his army-given ultimatum runs out.
A story is making the rounds that suggests leaders are going to get together and hammer out a "fiscal union".
The story appears to have originated on the Welt Online, a German tabloid. The article mentions a Secret Plan for a New Europe.
By Bret Jensen:The market continued a massive rally this week as Europe agreed to the latest plan to prevent Europe contagion. Details were light, but enough to fuel the stock market higher. Given the worsening numbers out of Europe, I think the results of the latest plan will be like its predecessors; a nice sugar high followed by huge selloff creating the need the latest new plan to save the world. 10 signs the situation in Europe continues to worsen:
It would be quite ironic and rather fitting if Germany and France fail to ratify the Merkozy treaty. 25 Nations have ratified the treaty but France and Germany still have not.
French president Francois Hollande has already threatened non-ratification unless the treaty is revised.
The Leader of the Social Democrat Party (SPD)in Germany, Frank-Walter Steinmeier, is making similar threats for the first time.