This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Second 'Iron Lady'

What Cameron wants, by contrast, is a change to Europe's underlying treaties that would let "The City" -- London's big banks -- opt out of such a system and maintain their monetary forum shopping in which revenue and assets are moved to whichever country or island protectorate offers the best deal.

He likes it. We like it, even though I believe it's the system that led to the 2008 economic collapse. He's threatening to take the UK out of Europe if he doesn't get his way.

The key to the Merkel order is a "financial transaction tax" that Britain and the U.S. oppose but 11 European countries, including Germany, fully support. As Nouriel Roubini's EconoMonitor points out the tax would greatly reduce economic velocity and could shut down the economic repo market. A blog post on the site calls it "vindictive populism masquerading as the pursuit of fairness."


Maybe. It may also be seen as a way of imposing central control over an economic system that continues to spin out of control, beyond the reach of any government or governmental entity. It is, in short, the rule of law against the rule of capital.

Merkel is often described as a conservative, and perhaps in domestic terms she is one. But she is better understood as an internationalist, determined to bring the rule of law into the market. Historically, she may prove to be more important than Margaret Thatcher ever dreamed of being.

And the lady's not for turning, either.

At the time of publication, the author was long VEURX, a Vanguard European index fund.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $132.04 1.87%
FB $80.55 1.50%
GOOG $539.80 1.40%
TSLA $247.43 -0.01%
YHOO $43.39 1.30%

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs