Market Watch | Tuesday, December 06, 2011.

Euro doomed from start, says Jacques Delors In an interview with The Daily Telegraph, Jacques Delors, the former president of the European Commission, claims that errors made when the euro was created had effectively doomed the single currency to the current debt crisis. He also accuses today’s leaders of doing “too little, too late,” to support the single currency. ★ 140 via The Telegraph Eurozone Banks Ponder Scenarios if Countries Drop Euro Wall Street banks are predicting severe pain for the euro if Europe's 12-year-old currency union breaks apart. The world's central banks moved to protect the financial system from Europe's banking woes this week, but the future of the euro remains under threat… ★ 82 via WSJ World Time of reckoning for the euro zone Failure by European leaders at their summit this week to fix the fatal flaw in the euro zone, its lack of political union, would risk tremendous market upheaval, a rupture of the common currency and global economic fallout… ★ 66 via Yahoo Finance Germany is the ultimate victim of EMU Enough is enough. Please stop defaming Germany out there in the blogosphere. The Germans are not engaged in a mercantilist conspiracy to subjugate and milk southern Europe. They are not conducting “warfare by other means”, or heaven forbid, trying to establish a Fourth Reich… ★ 46 via Telegraph Blogs No number yet on boost to IMF from eurozone central banks - Reuters Talks on the size of loans from euro zone national central banks to the International Monetary Fund are starting at a technical level after euro zone finance ministers gave the green light to explore the idea last Tuesday, officials said on Saturday… ★ 23 via Reuters The World Fears about U.S. keep investors in Europe Even as Europe's sovereign debt crisis heats up, there's been no mass exodus of investor funds out of the eurozone this year. In fact, global investors have pulled just $151 billion out of the region through the end of October… ★ 41 via CNN Money China rules out investing $3.2tn forex reserves to bail out EU debt China today ruled out investing much of its USD 3.2 trillion dollar foreign reserves to bail out EU countries from their sovereign debt crisis even as its exports to US registered 17 per cent increase touching USD 363 billion… ★ 22 via Economic Times Dollar Bulls Take a Beating Some investors got a painful reminder this past week that there are no "sure thing" currency bets. On Wednesday, the euro jumped 2% against the U.S. dollar in less than an hour after the Federal Reserve and five other central banks reduced the interest rate banks pay to borrow money, a move designed to bolster the global financial system… ★ 33 via WSJ Personal Finance Why Do Foreign Banks Need Dollars? The announcement Wednesday that the Federal Reserve, working with other central banks, will offer dollars to foreign banks at cut-rate prices surely raises the question: Why do foreign banks need dollars? The simple answer is that foreign banks really like the things that dollars can buy… ★ 21 via NYT Economix