Hunt for speculators is a diversionary manoeuvre

The billions of euros being invested into protecting Eurozone countries from speculation are simply a diversionary tactic, Federico Rampini writes in his blog Estremo Occidente for the left-liberal daily La Repubblica: "Hunting speculators has now become the main problem of the governments of the Eurozone. But conjuring up the dark powers of capitalism is a sign of weakness. Those who take up arms against speculators are breaking a thermometer that shows the patient has a high fever. ... The Asian crisis in 1997 should be a lesson to the EU. Instead of shoving the blame on speculators the Asians tidied up their finances. ... Smear campaigns are a convenient means of diverting attention for governments and central banks but they have nothing to do with the economy, only with the pseudo economy."

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