The Euro leaders meet on Thursday this week. Their currency is falling apart all around them and, led by Merkel and Germany, they are doing nothing about it.
Without firm action, investors will conclude that eurozone politicians – specifically the German chancellor Angela Merkel – simply lack the will or electoral authority to fight to save the single currency. It will be Rescue Thursday – or Black Friday.
That's about it.
Are the Courageous, or are the cowards? Do they believe in their capacity to act, or not? That's the question the markets need answers to because sound markets are always built on the foundation of Courageous States. If the euro leaders make clear they aren't Courageous States then their currency fails. It's choice, not chance, that will determine this.