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Europeans and reality

It would appear that overnight reality has reared its ugly little head in Greece.  Austerity has never worked when the debt load is as heavy as it is now in Greece, it didn't work in Latin America and its not working in Greece -- big surprise.  I guess that someone somewhere (probably in high school today) will get his/her PhD on the fallacy of the European plan for Greece, Portugal and Ireland.   

Guess what the world now knows that a budget deficit that was to top out at Euro 23 billion for the YEAR is now a Euro 21 billion, six months into the fiscal year.  The sheer incompetence exhibited by all the players -- and the ultimate desire not to face reality will probably kill the Euro.  One thing for sure its future as the common currency of all of Euro is closer to the end than the beginning.  The question is how will the bubble pop.  Will Germany, Benelux, Finland quit or will, or will some of the PIIGS have to leave the alliance (it seems that Ireland is doing better).

In any event, if you choose, full speed ahead damn the torpedoes I've got a sweet sweet 2 year Greek government bond, yield of 47% (yep that's a 47% coupon per annum). 
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