Derivatives Blitz Needed to Tame Anarchic Bonds: Mark Gilbert

They came first for Greece and I didn’t speak up because I wasn’t Greek. Then they came for Ireland and I didn’t speak up because I wasn’t Irish. Then they came for Portugal and I didn’t speak up because I was German. Then they came for me, and no one was left to speak up.

With apologies to Martin Niemoller, Europe’s debt crisis is getting worse, not better. The European Central Bank’s milquetoast bond-buying efforts have done diddly and squat to prevent borrowing costs from soaring to levels that mean each new sale of securities drags euro region governments closer to the bankruptcy courts.