Portugal and the bond market

Trouble postponed but the problem remains and still may spread

Help for Portugal?Help for Portugal?
So is this a victory or just a breathing space? There's much in the news beyond the financial woes of Portugal in particular and the euro in general. The bond sale has gone ahead and some might assume that marks the end of the story. Well perhaps these were the people who were caught out by the financial collapse of Greece and Ireland. To the average person economic and financial news is always dull, except for banker-bashing which is in full spate, again.

Then there are the floods in Australia and we all wait for the climate change lobby to 'claim' this disaster as proof of their cause. They would be wise to stick to climate change as their banner because 'global warming' looks like a busted flush. Over on EUReferendum Richard North continues with the story of the Russian ice breaker ships, he must be close to twenty posts now having established himself as the best UK based source of comment on this event. The rest of the MSM has only skirted around this event, cynics might say this is because with all that ice it appears to contradict the warmists. But there are other reasons too: the language, sparse population, the remote location and the weather conditions. Contrast this with Australia; although not densely populated the chances are that the floods will be witnessed by a local resident with a camcorder who will then get this event onto YouTube. So the MSM reports this event as seen by the experience of local people. We posted on this HERE and said -

The MSM is astonishingly lazy, we may forgive them this trait as the public is too. Typically the former do not, as in old movies and novels, go looking for stories. That is a very unusual way of working as, with some noble exceptions, they simply wait for the press release to turn up. This is then regurgitated and the same news item, and accompanying image, is often published across the entire UK media from the political left to right. The laziness of the public is clear as they can see this but accept it.

Now there is nothing wrong with local people being in charge of news broadcasting this way, (localism?). But it does make it odd when the MSM subsequently 'take charge' of an event as they like to. For at this point the lobbyists get stuck in. This is how the climate change scam is kept going, it's the same with the EU. Alas this is how news and analysis 'goes missing'. We have tried with this post to give an example of the difficulties behind a rare public debate on Quantitative Easing. If the MSM took us the public as opposed to itself seriously then we would have a similar debate on the fate of the euro in the main section of the paper.

The role of the European Central Bank needs to come out into the open, to be explained. Is it, for example, trying to help Portugal or defend the dream of the single currency? The vanity behind the EU has already cost the Greeks and the Irish a great deal. The suspicion is that, like climate change, the euro has to be kept going for the sake of an elite.

Key quotes from our link above -

Many believe Portugal will end up having to get a lifeline, like Greece and Ireland beforehand, and that the real concern is stopping the crisis spreading to Spain.

Analysts said the success of the auction has a lot to do with a more active role taken by the European Central Bank in recent days.