Let’s distill this mess.
The EU problem is made out to be profoundly complex. Naturally. Complexity offers refuge.
The problem instead is a simple one, composed of but two elements: First, the industrious are never eager to share with couch potatoes. Second, there is no monetary system that can accommodate seventeen sovereigns, each with its own identity.
The Euro may not be dead but the EU will assume some other form, sooner or later.
The current course of addressing problems timidly, by half measure is corrosive.
Italy was downgraded a moment ago. OK. But put the sovereigns aside for a moment. Right now, first is to see to the banks. Worry about the rest later.
The Fed, Bk of Eng and others on Sep/15 assured these banks of liquidity support. That bought them time.
But key is that these banks be re-capitalized.
Until we see that reality we can expect continued violent distortions in our markets.
Robert Craven
The EU problem is made out to be profoundly complex. Naturally. Complexity offers refuge.
The problem instead is a simple one, composed of but two elements: First, the industrious are never eager to share with couch potatoes. Second, there is no monetary system that can accommodate seventeen sovereigns, each with its own identity.
The Euro may not be dead but the EU will assume some other form, sooner or later.
The current course of addressing problems timidly, by half measure is corrosive.
Italy was downgraded a moment ago. OK. But put the sovereigns aside for a moment. Right now, first is to see to the banks. Worry about the rest later.
The Fed, Bk of Eng and others on Sep/15 assured these banks of liquidity support. That bought them time.
But key is that these banks be re-capitalized.
Until we see that reality we can expect continued violent distortions in our markets.
Robert Craven
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