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German Chancellor, Angela Merkel, during a news conference at the Chancellery in Berlin, on June 20, 2012

Photograph by Johannes Eisele/AFP/Getty Images

German Chancellor, Angela Merkel, during a news conference at the Chancellery in Berlin, on June 20, 2012

Global Economics

Tone of Rhetoric

June 21, 2012

“Merkel didn’t really promise anything, but the fact that she even mentioned it as a possibility is a shift in tone of rhetoric, especially post-election,” said Brian Kim, a currency strategist at Royal Bank of Scotland Group Plc’s RBS Securities unit in Stamford, Connecticut, in a telephone interview. “It makes me wonder if we’re going to see more comments showing that Germany is starting to come around a little bit.”

—Joseph Ciolli and Catarina Saraiva, “Dollar Fluctuates as Fed Extends Maturities, Merkel Comments,” Bloomberg News, 20 June 2012, 2:39 PM.

Others “wonder,” too.

First, it’s getting old. Second, exactly how dumb do they think the public-at-large is?

Mr. Kim, he of the shop that has absolutely nailed the recent strong euro, “wonders” if the elite and less-elite of Germany are a little bit coming around.

They, various and sundry I speak to, are “wondering,” too. The key distinction is the peripheral timeline. All have run out of the luxury of “starting to.”

There is not a moment to lose.

There can be no more starting to. Market and @twitter vigilantes will act, even, are acting. We need, now, a change in tone of rhetoric. Discuss.

Keene hosts Bloomberg Surveillance 7-10 a.m. ET on 1130 AM in the New York metro area and nationally on SiriusXM 113.
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