I come to praise Ms Merkel not to bury her

Daniel Hannan is blaming the euro for Ireland’s woes. This raises a paradox.

By Paulo Santos:Not long ago, the euro (FXE) was seen as the last bastion of monetary fortitude. The last damsel not corrupted by the temptation of easy money and fast printers.

German Chancellor Angela Merkel said banks must be allowed to fail if they run up unsustainable losses because her government can’t afford to rescue them a second time after the 2008 financial crisis.

Praise from German chancellor Angela Merkel is typically hard to come by. However, Merkel is freely distributing praise these days, to the person least-deserving, herself. As the eurozone marches down the "Road to Shared Liability" Germans are largely unaware of the Hidden Risks of the Euro-Zone Bank Oversight Plan risks that Merkel ignored when agreeing to the eurozone oversight plan last week.

Both Angela Merkel and the Bundesbank are walking an extremely fine line of economic policies and treaty arrangements that appear to be in violation of policy statements made by the German Supreme Court regarding transfer unions. Moreover, the Bundesbank president is now in what amounts to an open Feud with Merkel. Bundesbank 228 Billion Euros in Debt Rescuing Europe

Raphael Auer, 19 September 2010In his 2008 Nobel Prize Lecture, Paul Krugman announced that the initial motivation behind his analysis of the home-market effect was in order “to bury Burenstam Linder, not to praise him”. This column argues that Krugman succeeded in part of his original intention because Linder's conjecture is actually two fold. By confirming one part, Krugman disproved the other.Full Article: Taste differences, home markets, and the gains from trade: Did Krugman praise Linder, or bury him?

The liquidity tsunami that started in September of 2012 in the Marriner Eccles building and continued with the BOJ's own epic QEasing expansion three weeks ago, has so far provided the impetus for Europe to kick the can of its inevitable dissolution for a few more months, yet slowly but surely the market is starting to read through the artificial levels implied by Italian and Spanish bonds, driven by recycled ECB funding via bank and repo conduits and of course Japanese carry cash, and rumblings of a return to crisis conditions are back.

UK prime minister, David Cameron, promised to hold a referendum on whether Great Britain should remain in the EU, but only on two conditions. The first condition, that Cameron be re-elected as prime minister is iffy enough. The second condition, that Cameron renegotiate the Lisbon Treaty, I said would never happen. And it won't.