“EU LEADERS FAIL TO CONVINCE INVESTORS” (July 11, 2012)

Thus The Wall Street Journal today. “Once again,” the newspaper goes on, “a summit of European leaders raised hopes that the eurozone’s crisis could be about to turn the corner. And once again, those hopes were dashed.” Wow! But was it not clear from the outset that those hopes would be dashed? It could not be any other way, anyhow. What was not clear, though, was where those mysterious hopes were coming from. And mysterious they certainly were. To put it in a nutshell, it is high time for investors to abandon all hope. Enough is enough. It makes no sense whatsoever for them to live in expectation that the eurozone’s crisis is about to turn the corner. Hopes like these are for the birds. But wait a minute. Am I entirely mistaken about the vaunted investors? Are they to be hoped for at all? Perhaps I should stop fussing about the pitiful creatures at this juncture. Enough is enough, as I already said.