Against this background, the return of US investors to provide short-term dollar funding for European bank debt smacks of a desperate hunt for yield that relies on European Central Bank President Mario Draghi’s promise to do “whatever it takes” to save the euro. As for Goldman’s equity play, as bond-market guru Bill Blain put it, “the words ‘buy cheap, sell a bit dearer on the up, and then dump and run’ spring to mind.”