The World from Berlin: The 'Absurd Logic' of Leveraging the EFSF

``"We are observing the suicide of politics. Politicians no longer make policy. What is making policy? Drawing up rules in the first place, making and enforcing laws. That is, stopping speculators from speculating. It does not entail acting as state-run speculators, speculating against speculators. But the rescue package is precisely that. It is a defensive shield against speculators which must become ever bigger as the supposed risk of speculation grows. ''