Wednesday, May 30, 2012
Many years ago when TMM were junior probationary assistant trainee dealers they came across this term scrawled over deal tickets that were being sent back to the back office after a query. When consulting with medical friends it appeared that it was also commonly used on path lab requests returned asking why the test was necessary. Now TMM are screaming it at their screens every time they see a headline along the lines of "XYZ European central bank/government/politician hasn't yet decided on anything".
So please - Calling all Eurostriches, rabbits in headlights, procrastinating bureaucrats hopelessly out of their depths, policy wonks who can't bend the current rules enough to fit, political leaders having to cope with something beyond local opinion polls, Germans hung up on outdated fears of hyperinflation, Frenchmen hung up on not being peripheral and peripherals who just don't realise the game is up .... JUST F'ING DO IT!
If it involves kicking Germany out with Greece; if it involves pawning the Sistine Chapel, Alhambra, and the Elgin Marbles (again); if it involves running the printing presses until they melt; if it means nationalising banks under a general Europe umbrella raather than a domestic one; even if it involves taking us back to the stone age - PLEASE JUST GET ON WITH IT! Some of us have lives to lead and watching the sandcastle of the Euro dissolve as the tide of reality comes in, is as predictable, sad and frustrating as watching the real thing at the end of a balmy day on the beach. Either kick it down, walk away or get the JCBs in to protect it with a 30ft coffer dam as some of us need to move on.
But still it drags on. Yet again today's headlines continue to be a passage of indecision, full of "nots" and "haven'ts" against "wills" and "doings" whilst the market is fast evolving into a "no news is bad news" mode and until we can get this elephant out of the room we can't focus on what else is going on in the real world. For now it's a mad world. And we know it's a mad world when:
- Denmark issue at negative yield.
- Taking on the SNB is a near free option.
- Headlines appear 12yrs out of date - ECB SAYS NONE OF EIGHT EU COUNTRIES UNDER REVIEW MEET REQUIRED STANDARDS TO JOIN EURO CURRENCY UNION
- UK politics freeze up in apoplexy over a U-turn on a tax on hot pies.
- Robert Mugabe is appointed UN "Leader of Tourism"
Team Macro Man have given up and are wandering up the beach to the Pub.