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Darkness in August

The last time European leaders worked this hard in August was back in 1914, when they cooked up World War One.

They don’t seem to be having much more luck this summer; the more Europe’s leaders talk, the more panicky markets grow.  The FT is talking about the ‘self-decapitation’ of Europe’s financial leadership and they are not far wrong.

The main hope at this point is that leaders like Angela Merkel have known for some time that much more dramatic steps had to be taken, but believed that only a full scale financial hurricane would induce skeptical voters to support the tough decisions.  If so, she’ll be acting soon, because the hurricane is now here.

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  • WigWag

    Oh, I don’t know if European leaders haven’t worked this hard in August since 1914. Things were pretty dicey in August, 1948 when the Berlin Airlift was in full swing. It started in June but didn’t really start to operate at full capacity until August.

    I would say that British, French, German and Russian (Soviet) leaders were as busy then as they are now.

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