Monday, May 18, 2009
It just gets worse and worse!
Timesonline: Europe waits for Germany to come to the rescue
“perfect storm”. of three elements!
Posted by tim miller @ 12:17 PM (423 views) Add Comment
1 Comment
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1. sold 2 rent 1 said...
Fantastic article
"The eurozone governments are no longer risk-free “sovereign credits”, like the governments of the US or Britain, or smaller countries, such as Switzerland, Australia or New Zealand. A government that borrows in its own currency will never default because, in extremis, it can always instruct its central bank to print money to pay its debts. But governments in the eurozone cannot do this. They are in the same position as US state governments or as Argentina, Indonesia and Russia when they borrowed in dollars. "
The resonance with the collapse of the Lombard Banking system, which plunged the whole of Europe into chaos in 1348, comes in early March 2010. German tax-payers won't stand for an unlimted pan-European bailout so the Euro is doomed to failure.
Around this time we will probably be in an extremely cold winter, a flu pandemic and $300 oil.