When Digging Holes Know When To Stop Digging

With Cameron saving the Hedge Funds, Sarkozy trying to save his skin and Merkel desperate to save the Landesbanks, it was always going to be very difficult. Then there is the disconnection between most of media reporting and reality.

Sir Mervyn King, the Governor of the Bank of England says the situation is impossible for the UK to control. President Obama on the other hand has implored Cameron to exercise some control to save the Euro in order to save his Presidential election prospects from a Euro bust.

However, something is changing notably the Atlantic Multidecadal Oscillation that might deliver a cooler spell in the coming years, hat tip AK Haart, which could have marginal economic effects at a time when the margins are critical.

http://wattsupwiththat.com/2011/12/09/the-november-amo-index-goes-negative-first-time-since-1996/

Amidst all the excitement at what is going on in outer space with planets in far galaxies and super Black Holes, Nicholas Shaxson points out that there is a Black Hole rather nearer home:
http://treasureislands.org/yet-more-evidence-of-the-london-financial-black-hole/

As for what was really going on in Brussels, another hole of a different kind, Richard North has his own ideas:

http://eureferendum.blogspot.com/2011/12/uncertain-situation.html

I hope that the first footer for 2012 will be able to find a piece of coal. We might need it.