Wednesday, May 19, 2010

Bravo Merkel!

German Chancellor Angela Merkel's move to ban financial gambling (betting on shares and bonds that are not owned, also called "naked short selling") is absolutely the right step.

Even though it would have been better to take the whole of the Eurozone with her, when it became clear that the Eurozone as a whole would not move, Chancellor Merkel has bravely walked ahead alone.

Let others gamble if they want to - and suffer the consequences.

Let those who do not want gambling of the sort that led us into the current crisis join Germany in banning this kind of casinoism.

Though why is the ban on only the 10 most important stocks/Eurozone sovereign bonds and CDS? Why not on all of them? And what about gambling on commodities?

Let those who really believe that prices are going to go up or down buy or sell the actual stocks or bonds or commodities, and not simply gamble on them in financial casinos. Sphere: Related Content

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