In their view, the ECB has no treaty-based mandate to print money or undertake "quantitative easing" in this way. If that is the case, however, then the euro is a suicide pact, powerless to defend itself against its own demise.
Forget the Wisconsin recall. We are into the last two weeks of June with a calendar loaded with answers to questions that will determine the course of the rest of this year, economically and politically.
The timing of JP Morgan's trading moves leads to the obvious question -- whether the London-based traders who happened to run the desk at Morgan London were making a bet on the outcomes of the French and Greek elections themselves.