The Morning Markets

02/12/11 -- It's all very much as you were this morning with little excitement so far in the overnight markets.

Angela Merkel is today promising "concrete steps towards a fiscal union" without saying what those steps are. French President Nicolas Sarkozy is nodding sagely and smiling. Oui, Oui.

Am I the only one who thinks that a) they haven't got a clue what they're doing and b) they know that this crisis is far worse behind the scenes than they are letting on.

The promised a mystical, intangible bailout fund increase to one trillion euros clearly isn't worth the paper that it isn't written on.

Rumours from earlier in the week that the central banks moves to provide liquidity were only brought about as a result of a major European bank, possibly a French one, being on the verge of folding carry more than a ring of truth methinks.

George Soros is a man with his eye on the ball, and he says that the world financial system is "on the brink of collapse." I think I agree with him. The question is when and where will it start?

Not much blogging getting done today, I'm off to the chilly North East to speak to a group of grain growers. Many others will be attending the London Bourse so it looks like being an inactive day on the markets.