The serious bloggers and thinkers, like Mish and Calculated Risk, and Bloomberg, etc. are all over this one, so you don't need to hear much about this from OS.
Financial Times has a good article summarizing the inevitable posturing and stupidity that precedes the really bad stuff happening.
They're all prickly and stuff about being quoted, so best to go there yerself.
Ireland is about to be enslaved by the banksters, 'cuz the taxpayers had to bail out the banksters a couple of years ago, 'cuz the banksters were acting like yer worst nephew with a meth habit and keys to the Porsche, and wrapped it 'round a telephone pole.
The Spanish and Portugese aren't far behind. The UK is getting hammered, and they're not even on the Euro.
There's something wrong with this picture. It's like the gorilla in the room no one wants to talk about.
The Euro is not so much a currency as a huge anvil attached to the ankles of every man, woman, and child from the Polish border to the west coast of the Emerald Isles.
That ten-year-old kid playing soccer in Dresden or rugby in Cork is gonna be stuck with the debts generated because a thirty-something banker in Barcelona rolls the dice on one more condo development on the Costa del Sol or sovereign debt offering from Athens. All profits are privatized, all risks are laid off onto the society at large.
Sweet. Where does OS go to sign up for that arrangement? (Just kidding...)
This will end in tears, ya'll, if we're lucky.
Only one question: Who's making money off this?
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