EUROPE - IAIN MURRAY
Openmarket.org: The Great Unanswered Question About the Eurozone
In a column for the FT today, Wolfgang Munchau lays out what may be the only plausible solution to the Eurozone crisis – for governments like Greece to “default into” the European Stability Mechanism. The ESM could then issue bonds, thereby mutualizing the bad debt of the defaulting governments. The Euro survives, the PIIGS (Portugal, Italy, Ireland, Greece, Spain) get their debt off their books and can rebuild without having to do distasteful things like reform their labor markets, and the Euro project continues with its new Banking Union.
Except… The great unasked and unanswered question with all of these schemes is: where is the money coming from? That’s not the same as the question who will buy this debt. > Read the full commentary on Openmarket.org
ENERGY - MYRON EBELL
Globalwarming.org: Fossil Fuel Shill Sierra Club Bites the Hand That Fed It
The Sierra Club is re-branding its anti-natural gas efforts as “Beyond Natural Gas.” Beyond Natural Gas joins the Sierra Club’s other two anti-energy campaigns, Beyond Coal and Beyond Oil.