The euro Beware of falling masonry

http://www.economist.com/node/21540259

FIRST Greece; then Ireland and Portugal; then Italy and Spain. Month by month, the crisis in the euro area has crept from the vulnerable periphery of the currency zone towards its core, helped by denial, misdiagnosis and procrastination by the euro-zone’s policymakers. Recently Belgian and French government bonds have been in the financial markets’ bad books. Investors are even sniffy about German bonds: an auction of ten-year Bunds on November 23rd shifted only €3.6 billion-worth ($4.8 billion) of the €6 billion-worth on offer.

Worse, there are signs that the euro zone’s economy is heading for recession, if it is not there already. Industrial orders in the euro zone fell by 6.4% in September, the steepest decline since the dark days of December 2008. A closely watched index of euro-zone sentiment, based on surveys of purchasing managers in manufacturing and services, is also signalling contraction, with a reading of 47.2: anything below 50 suggests activity is shrinking. The European Commission’s index of consumer confidence fell in November for the fifth month in a row.

Now an even bigger calamity is looking likelier. The intensifying financial pressure raises the chances of a disorderly default by a government, a run of retail deposits on banks short of cash, or a revolt against austerity that would mark the start of the break-up of the euro zone.

from one country to the next, attacking the sovereign debt, so banksters can install their buddies as unelected heads of government....

this is an email I received yesterday, I think -- and yes, the guy is selling something so discount it to the extent you want. I've found his commentary pretty interesting for several months now.


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Europe is done. Finished.

The powers that be over there have completely lost control of
the markets. Germany just staged a horrific bond auction and
the ECB is intervening several times a day to stop Italy's bond
market (the world's 3rd largest) from imploding.

And that's just the tip of the iceberg.

The debt contagion has now spread to Spain, Italy, and even France.
It's quite possible France will lose its AAA rating in the near future.
We also have Germany threatening to leave the Euro outright if
the ECB prints money.

Which means... it's the End Game. No matter what, the defaults are
coming and the Euro will implode.

This is the reality for Europe. The whole system will be going down,
it's only a matter of time. And when it does collapse, it's going to
make Lehman Brothers look like a joke.

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to realize 2008 as well. And when they did, things moved VERY quickly.

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Graham Summers

It still has potential for profit.

You think India's prosperity will stand when the rest of us fall? They have filthy rivers and farmers committing suicide.

I'm pulling it out of a sorting hat but I'm wondering about Brazil and Argentina.

How are they situated to avoid climate change famine?

The bankers can't be allowed to keep the money but will they insist on having it pried from their cold, dead hands? I hope not.

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Germany is opposed to it. If printing might be a solution why is Germany so adament?

They collectively remember hyperinflation from the 1930's. Germans are afraid of going to the baker's with a wheelbarrow full of cash to buy a loaf of bread. 10 billion for a gallon of milk is nothing.

will stave off financial disaster.