The euro has essentially broken down as a viable economic and political undertaking. The latest rush of events reeks of impending denouement.
Switzerland is threatening capital controls to repel bank flight from Euroland. The Swiss two-year note has fallen to -0.32pc, not that it seems to make any difference.
Denmarkâs central bank said it was battening down the hatches for a "splintering" of EMU. It has cut interest rates twice in a matter or days and pledged to do whatever it takes to stop euros flooding into the country. Contingency plans are on the lips of officials in every capital in Europe, and beyond.
On a single day, the European Commission said monetary union was in danger of "disintegration" and the European Central Bank said it was "unsustainable" as constructed. Their plaintive cries may have fallen on deaf ears in Berlin, but they were heard all too clearly by investors across the world.
Joschka Fischer, Germanyâs former vice-Chancellor, said EU leaders have two weeks left to save the project.
"Europe continues to try to quench the fire with gasoline â German-enforced austerity. In a mere three years, the eurozoneâs financial crisis has become an existential crisis for Europe."
Continued on Page 47
#1
Meanwhile we have the Queens Diamond Jubilee. A bright spot in a troubled world. Her mother as I recall lived to 100. Hope she does the same. When she is gone allot of class will be lost. Soros will just muck it up.
#3
Her mother as I recall lived to 100. Hope she does the same.
If nothing more than to keep Charles from the throne. Apparently, he at least did his primary aristocratic stud function properly. Everything else does makes us wish the Queen a long and healthy life.
#4
Soros starts a three-month countdown to doomsday in Europe? Does he have something to do with doomsday that he is so certain of the timing? He broke the Bank of England in the early 1990s and got rich doing it.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
