FT Alphaville continues to be amazed at the hypocrisy of politicians and officials around the world, particularly as regards their attacks on so-called “wolfpacks” of speculators.
The most recent and rather brazen example of doublespeak — in which speculation regarding the solvency of a country or the strength of a currency is fine only when they’re doing it — comes courtesy of Jean-Pierre Jouyet, on the subject of the UK.
Quoth the chairman of France’s financial regulator, L’Autorité des marchés financiers, according to the Daily Telegraph on Tuesday:
“The English are very certainly going to be targeted given the political difficulties they have. Help yourself and heaven will help you. If you don’t want to show solidarity to the eurozone, then let’s see what happens to the United Kingdom,” he told Europe 1 radio.
(The UK, a non-eurozone state, declined to commit funds to the euro rescue plan. European policymakers are not pleased.)
This is same Jouyet who less than a week ago declared war on those who dared to “spread unfounded rumours” or bet against the euro:
French financial authorities will work with intelligence services to crack down on speculators seeking to profit from the debt crisis by spreading unfounded rumors, the head of the AMF markets watchdog said on Friday
Shades of Greece’s deputy prime minister Theodoros Pangalos casting aspersions on Portugal, and those US lawmakers who are fond of condemning short-sellers as “un-American” while blithely betting on falling stocks for their own accounts.
Way to get market participants — those investment banks who will arrange your bond offerings and the hedge funds you desperately need to buy your debt– on side, les gars.
(H/T Paul J Davies)
Related links:
US lawmakers free to continue their short selling, speculative ways – FT Alphaville
BaFin says no evidence of malign Greek CDS speculation – FT Alphaville
The CDS inquisition, California edition – FT Alphaville
Calif Treasurer Seeks More Data On Banks’ CDS Trading – Dow Jones