Monday, January 16, 2012

I told you so: I get no pleasure in this, but...

Greece is near the inevitable edge, no surprise there, the reality is that its American hedge funds that will be blamed, because they bought the debt that the French and other European banks were selling.  The tragedy is that the writing was on the wall months ago, at no time in history has a solvency problem been solved with more debt.  

So now we are days away from an Greek default, and instead of having a process that is orderly, it will be a free for all, that will create even more pain.  Its nice to see that Mrs. merkel got exactly what she was hoping for (maybe not what she wanted but what she played for).

As of 6 am this morning it is the Portugese debt market that is blowing up, because if Europe was incapable of solving a tiny problem such as Greece, you can bet that they cannot solve Portugal (which is a small problem).  Next up is Spain, where the current official unemployment rate is around 24%.  The question now is really, will these countries leave/be pushed or will Germany, Netherlands France and italy make a run for the door first.

This is not the beginning of the end, it is the end of the end!

Things continue to be boring in Canada!


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