Sunday, Jul 29, 2012
Credibility ?
EBC: Bumblebee speech by Mario Draghi, 26 July 2012
The euro is like a bumblebee. This is a mystery of nature because it shouldn’t fly but instead it does. So the euro was a bumblebee that flew very well for several years. And now – and I think people ask “how come?” – probably there was something in the atmosphere, in the air, that made the bumblebee fly. Now something must have changed in the air, and we know what after the financial crisis. The bumblebee would have to graduate to a real bee. And that’s what it’s doing. I think I will stop here; I think my assessment was candid and frank enough.
Posted by khards @ 09:43 AM (1411 views) Add Comment
7 Comments
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1. Admann said...
There is no mystery about how the bumble bee flies - it produces insufficient lift from its wings but supplements that with lift from pockets of air under the wings which act like bellows - no mystery, just misunderstanding....... and so it is with the Euro........ Maybe Cantona should be in charge of the ECB, his musings are at least more entertaining .....
2. dill said...
3. general congreve said...
Perfect analogy Draghi. Just like a bumblebee, the euro will use the last desperate shot of its debt stinger when all else fails, and its guts will fall out along with the stinger and it will crawl off to die shortly afterwards.
4. khards said...
Like a bee drunk on nectar.
5. iguana said...
Not a good analogy, the bumble bee is perfectly adapted for flight, earlier 'expert' analysis of its wing action was slovenly, i suspect deliberately so.
INot so clear with the EURO, it does not seem to be adapted for flight in the first place.
6. mrmickey said...
I think a better analogy would be a cannon ball fired from a cannon, the inital energy of cheap credit imparted in to it is running out and the ball will soon come to rest by making contact with an imovable object.
7. Whoops! Apocalypse said...
The Euro is like one of those cartoon characters that runs off the edge of a cliff, seemingly able to travel over thin air, until, at one point, they look down and suddenly realise the situation. At this point they flap their arms and legs wildly, giving a small period of grace before plummeting to the ground. The Euro is at the flapping stage.