Apparently in Ireland, a global stock market that surges up 10% in a month to celebrate the latest obliteration of the purchasing power of the American middle class is considered "turbulence." This is precisely the excuse given by Irish PM Brian Cowen when asked why he has cancelled all bond auctions for the rest of the year. Surely, the market is buying it. Cowen also added that he doesn't need funds at rates of 6.8 to 6.9%. What is hilarious is that he will need the funds much more in 3 months when the rates are double that, now that the country is openly nationalizing each and every bank, and will fund these "acquisitions" with tens of billions it doesn't have.
Irish Prime Minister Brian Cowen said that his government decided to cancel bond auctions for the rest of the year because of “turbulence” in bond markets, and the state is already funded into next year. He made the comments in an interview with national broadcaster RTE.
“We are funded until next May,” Cowen said. “There has been such turbulence in the markets, since we don’t require those funds immediately why would we be going to get funds at rates such as 6.8 or 6.9 percent.”