Is the bond market more powerful than the EU ?

James Carville (aide to Clinton) said in 1992 "When I die I want to come back as the bond market because apparently it's more important than the ******* Pope!"

As the politicians run around trying to save the Euro and pledging current and future tax revenues it feels like the Bond market has taken out Greece and Ireland and is about to blitzkrieg Portgal and Spain. Perhaps in a nod to history they should have a crack at Poland.

The coalition has admitted that controlling the interest rates on Govt borrowing is key and explains some of the more extreme austerity proposals.

On this basis are the Politicians simply dancing to the tune of the financial markets and making a mockery of the election process ?