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Patrick L Young Newsletter The Frontier Financier - Prologue
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Prologue

015
A Pair of Puddings To Save The Euro

 

“The emptiness of the summit – coupled with Sarkozy’s deliciously absurd theatrics – tells us all we need to know. Neither Merkel nor Sarkozy seem capable of rising to the occasion. Europe is drifting towards its existential crisis.”
 
- Ambrose Evans-Pritchard
 
“Too little, too uncertain, too late – that has been the regular response of EU leaders to the eurozone debt crisis."
 
- Sharon Bowles MEP, chairman of the European Parliament's economic affairs committee

 

Dear <<First Name>>,



Just when it seemed clear that the Eurozone could not achieve a more dismal leadership, things have taken a marked turn for the worse.
 
Until recently we had become increasingly used to the fact that Eurozone emergency summits ran to a fairly fixed pattern. An  escalating solvency crisis involved lots of debt, prompting a large meeting - usually over a sumptuous banquet - with somebody then receiving a truckload of cash before a concluding chorus of the righteous leaders applauded the permanent resolution of the crisis while imparting a hearty positive message to one and all. (Often little codas and cadenzas would mention that some terms were unique and the refrain “Never Again!” would be repeated ad nauseam only for the unique exception to form an integral part of the next bailout).
 
In other words, it resembles a grand opera plot, albeit with a cast who are apparently bound to sing off key. Alas, this week’s amateur performance in Paris was not even worthy of Gilbert & Sullivan. In fact, we dropped all the way to a poor provincial pantomime act. From AAA sovereign, the Eurozone is being ‘hectored’ by a dismal provincial pantomime duo.
 
While Dominique Strauss-Kahn might pass as a variation on the Don Giovanni theme, Stan Laurel and Oliver Hardy would have managed a more polished and fiscally coherent performance than the miserable Merkozys - a failed magic act now in the sub-prime world of the provincial cabaret, mostly aimed at working class clubs and pubs, it seems. The core of their act is a few desperate attempts to perform incoherent conjuring tricks which bear the hallmarks of desperation that their own magical aura of credibility has simply fizzled out.
 
The farce involved throwing ill-judged and misconceived ideas at the audience while blaming everybody except those who have transgressed the rules of the Eurozone and thus undermined investor confidence. With no new material to offer,  politically correct recycling took over and the Miserable Merkozys simply added hot air to the atmosphere by promoting a regressive Tobin tax on financial transactions which is little more than a juvenile attempt to break London as a financial centre and will ultimately only lead any Tobin taxing nations to financial backwater status. Belying her education as a nuclear physicist, Mrs Merkel is clearly incapable of understanding even the vaguest vestiges of finance. At least psycho-Sarko prances around and tries to act as if he is charge of selling programmes or seating people in the orchestra stalls, or something. The dowdy dowager of Deutschland just blames the markets. If only throwing toys out of your pram was an Olympic sport, then she and the poison dwarf of the Elysee might have something more suited to concentrating their, ahem, ‘talents’ on in the run-up to London 2012.
 
Without new thinking, the Euro is dead.
 
In the wake of this dismal, desperate performance of amateur dramatics, the obituary of the Euro ought to emphasise the complete leadership vacuum which consistently failed to stem the crisis. It does not need to end that way but the conjurors and clowns of the EU are tragically giving the common currency little chance with their amateur antics.
 
I remain available to all clients to discuss the issues pertaining to Tobin tax and indeed I will eventually get to discussing more positive issues for our economic future!
 
As ever it has been a pleasure talking at you,
 
Patrick
 

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'Parish News"

It’s summer so I am at home in Monaco but thanks to a lack of political leadership in Europe, there have been ample opportunities to speak with the media. For my most recent videos from RT News channel, have a look on my newly revamped web site: www.patricklyoung.net.
 
Various projects are in the works currently with more news to come!

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About This Newsletter
 
Patrick L Young is the author of several financial market books such as "Capital Market Revolution!" and

"The Exchange Manifesto" His Op Eds have been published in most of the world's leading financial media such as the Financial Times and Wall Street Journal while he has appeared frequently on BBC,CNBC, CNN and other digital media throughout the world.

My expertise is, (in no particular order!) exchanges, derivatives, market infrastructure and financial centres, as well as emerging markets. I can claim modest provenance as an early adopter on the web, having published various online magazines along with other WWW ventures since 1995. Nowadays I enjoy a varied portfolio of advisory work (most notably for investors in exchanges) but along the way I have done just about everything from multiple financial start-ups through to advising government and other stakeholders in financial centres the world over. I also indulge in some  entrepreneurial projects too. After more than 20 years in finance some folk might think I am due a spot of remission for good behaviour. I think it is clear from this bulletin, my passion for markets remains as keen as ever!

 

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