Ah, there's nothing like the smell of free money to get those bond market desperadoes, those vigilantes who have helped bring Greece, Spain, Portugal and Ireland to their knees, forget themselves and be willing to do and say anything for another hit of free central bank money.

Like problem gamblers looking to recoup their losses, banks, hedge funds and other investors have forgotten the fear and loathing of early July and been chasing shares and commodities higher in the past three weeks, quitting some of their safe-haven investments in government bonds in Germany, the US, Australia, the UK and even France. All this on the hope that suggestions last month from the US Fed and European Central Bank that they would be would be re-opening their wallets for another burst of quantitative easing next month.