Wall Street Journal
September 19, 2011
Let us not praise famous men, to borrow from James Agee.
Not Angela Merkel, who asks all players in the euro-zone drama for patience, an attribute of which the market is short, rather than long. But then, markets have never been more than an annoyance to Europe's political class.
Not Nicolas Sarkozy, who continues his drive to forge a one-size-fits-all set of policies as part of his plan to establish centralized economic management of the euro zone and cripple Britain's financial sector and flexible labor market.
Not Jean-Claude Trichet, who German experts say is destroying the credibility of the European Central Bank by shoring up the bonds of countries and banks that can't otherwise attract funds at sustainable rates.
Not even International Monetary Fund head Christine Lagarde, who after a whirl at candor decided that Europe's banks are not in as bad shape as she originally claimed.
And certainly not the members of the euro-zone bureaucracy, who equate scheduling a meeting with solving a problem.
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