Posted July 31, 2012
The situation in Europe seems to have been fully resolved. The Spaniards and the Portuguese have put down their torches. The Greeks and Italians have picked up their tools. And the Germans have forgiven them all. What’s more – and this really is incredible – once humorless feds across the land finally punished the real LIBOR riggers, i.e., themselves, for finicking with the dials…then they turned over the pricing of credit to its rightful owner: Mr. Market. Yes, Fellow Reckoner, all is well here on the continent.