Product recall notices are a fact of life for consumer-product makers. Dysfunctional hinges trap tiny fingers; undesirable fluids leak into foodstuffs; and sticky accelerator pedals send cars zooming in mysterious ways, forcing manufacturers into costly withdrawals.
A series of jokes uses the actor Chuck Norris, martial artist and star of the television program “Walker, Texas Ranger,” as a paragon of omnipotence. “Guns don’t kill people, Chuck Norris kills people,” goes one. “Chuck Norris doesn’t get wet, water gets Chuck Norris,” goes another.
One of the proudest achievements of the euro project was ensuring government borrowing costs converged at the lower levels enjoyed by Germany rather than the higher yields paid by its less fiscally disciplined neighbors.
The saying of radical things is easy sport among central-bank watchers. If they’re wrong, the wave of consensus erases most evidence they ever said anything at all. If, however, a wild, contrary call proves right, the rewards can be spectacular.
Like a drunk at a party, the bond market is starting to bump into tables, telling off-color jokes, talking too loudly and spilling drinks. The smart guests will steer clear before he starts screaming at his shoes and wanders off to pray to the porcelain.