On Wednesday the word was schadenfreud, appropriately today it is French:
sur·ren·der
–verb (used with object)
1. to yield (something) to the possession or power of another; deliver up possession of on demand or under duress: to surrender the fort to the enemy
Good ole Greek Prime minister, running his motor again. As Reuters summed it up:
BRUSSELS, March 25 (Reuters) - Greek reforms are on the right track and will continue to be so regardless of whether European Union leaders offer Athens a financial safety net at a summit on Thursday, Greek Prime Minister George Papandreou said.
scha·den·freu·de –noun satisfaction or pleasure felt at someone else's misfortune.
Given the German inspiration for the events playing out in the European Monetary Dis- Union, schadenfreude is a word rushing to the front of my think skull this morning as the euro puts in a new low in this cycle against the US dollar.
Mind you, it’s not because of the suffering which will likely flow from austerity: bankruptcy, job loss and the like. That pain is real. But, one pays the price for wild parties—in this case it was a debt orgy funded artificially thanks to the structure of the European Monetary Dis-Union. [Knock-knock United States government! Is anyone home?]
If you read us consistently, you know our views on the euro and where it’s headed.
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Key Reasons Why the Euro is Heading to Par or Beyond against the US Dollar.
It’s coincidently Orwellian to hear the land of the giant puzzle palace pretend their currency isn’t undervalued. The Chinese Ministry of Mis-information is burning the midnight oil, especially now since oil is back under $80 per barrel. Maybe we missed something in translation, but if we didn’t it’s ludicrous, even for the Chinese who prefer edict to argument, to argue about their currency valuation.
