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November 26, 2010

Europe imploding [Fritzworth]

Maggie Thatcher gets quoted a lot these days: "The problem with socialism is that you eventually run out of other people's money." And even as the current administration tries to deny that reality, Europe is confronting it head-on:

Credit default swaps (CDS) measuring risk on German, French and Dutch bonds have surged over recent days, rising significantly above the levels of non-EMU states in Scandinavia. "Germany cannot keep paying for bail-outs without going bankrupt itself," said Professor Wilhelm Hankel, of Frankfurt University. "This is frightening people. You cannot find a bank safe deposit box in Germany because every single one has already been taken and stuffed with gold and silver. It is like an underground Switzerland within our borders. People have terrible memories of 1948 and 1923 when they lost their savings."

Recognize that Germany is the most fiscally sound country in the EU -- if Germany gets shaky, all bets are off.


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posted by Open Blogger at 09:49 AM

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