When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Saturday, October 13, 2012

The Only Way Forward For Europe

Time to look at the Euro Zone again (and I'm afraid this isn't optimistic):

There's Only One Way Forward For Europe, And This Isn’t It - Business Insider: "The only way forward for the EU and the Eurozone is to let the weaker members (think PIIGS) leave, and to let them do that with grace, respect and dignity. Anything else is not just doomed to fail, it's doomed to incite violence. Europe has a long history, and it doesn't take much to evoke lots of that, any and all of that. . . . The EU must, make that capital MUST, not just allow, but facilitate for its weaker members to leave the eurozone. If it doesn't do that, it calls upon itself the wrath of the gods (Europe has lots of those)."

But here's the problem (and it is a killer problem):

"As per Draghi and Merkel and Monti et al., they have no plans for that kind of facilitating. Not because they like the Greeks so much, but because their banks would need to - at least partially - come clean; derivatives, don't you know. And those banks are far worse off and much more broke than anyone has been allowed to know. Unless a sufficiently large number of us wake up in time, as in right now, people will be shot to death in the streets of Athens and Barcelona just so the banks can continue to hide their losses. Is that the kind of world you want to live in? . . ."  Read more: http://theautomaticearth.com/Finance/theres-only-one-way-forward-for-europe-and-this-isnt-it.html#ixzz27oyESgUs


The Big Picture

Financial Crisis - The Telegraph

JohnTheCrowd.com | The Sailing Website

Craig Newmark - craigconnects