by Smitty
Past the humor, though, is the caution against loss of financial sovereignty. Or, perhaps, some encouragement for us to regain our own.
And, it looks as though the European Can Kicking Club is fastly, furiously doing what they do.
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Funny, but not far fromt the truth.
Great recycling of the “Grecian urn” joke! Ah, the classics!
They’re classic because they are ageless.
Rather like us!
*cough, cough*
The amazing thing is that people take these little bits of positive-sounding news and behave as if they signal some sort of miracle solution to a problem that in the end has only one solution. See for instance the rise in markets on hints of “solutions” in Europe. Huh?
Greece will default. Portugal is almost certain to default as well, and it will take a bigger miracle than some meeting between European politicians to keep Spain from following suit. Italy might still be saved, but the Italians don’t act as if it’s on their top ten list of things to do.
Even the IMF is worried, and they have $380 billion in reserve! But they believe holding the line on Europe will require at least double that.
We need to draw the line in the sand concerning this Euro-debt. Not our problem. If some of our banks bought the wrong paper, or sold CDOs they may not be able to cover, well, that’s what Bankruptcy Court is for.