We've noted recently that the political rhetoric against hedge funds (hedge fund news) that are betting against the euro has ratcheted up, as of late. The rise of the hedge fund vigilantes recalls the heady days of the Asian currency crisis when government regularly decried the likes of George Soros (George Soros news).

Germany's Finance Minister Wolfgang Schaeuble has taken the issue to a whole new level of angst. He generated headlines when he said this month that the country may have to order "intelligence agencies to set up surveillance of who is getting together with whom for which kinds of speculative processes, and where" to protect the euro, as noted by Bloomberg. This would certainly be an unprecedented step. I doubt it will happen, not that we could ever know about it. But it does reflect the depth of feeling that politicians across Europe have about speculative currency trading. 

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