“Europe is revolting against ‘sameness,’” observes Dan Denning. “The French want to be French. The Dutch want to be Dutch. The Greeks want to be Greeks. None of them want to be German. And the Germans want to stay German. All these primal, tribal, political loyalties are in conflict with the sameness and conformity required by political and monetary union.”
Nigel Farage, leader of the UK Independent Party, heartily agrees. Farage, who has been an outspoken critic of the eurozone since its inception, remarked recently on RTTV’s Capital Account, “One of the ironies of the European project is that this project that was set up to make us all love each other is actually beginning to make us hate each other… Far from Europe coming together, Europe is being torn apart and we are risking stirring up the very kind of nationalisms that the project was supposed to stop in the first place.”
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Eric J. Fry, Agora Financial's Editorial Director, has been a specialist in international equities for nearly two decades. He was a professional portfolio manager for more than 10 years, specializing in international investment strategies and short-selling. Following his successes in professional money management, Mr. Fry joined the Wall Street-based publishing operations of James Grant, editor of the prestigious Grant's Interest Rate Observer. Working alongside Grant, Mr. Fry produced Grant's International and Apogee Research, institutional research products dedicated to international investment opportunities and short selling.
Mr. Fry subsequently joined Agora Inc., as Editorial Director. In this role, Mr. Fry supervises the editorial and research processes of numerous investment letters and services. Mr. Fry also publishes investment insights and commentary under his own byline as Editor of The Daily Reckoning. Mr. Fry authored the first comprehensive guide to investing internationally with American Depository Receipts. His views and investment insights have appeared in numerous publications including Time, Barron's, Wall Street Journal, International Herald Tribune, Business Week, USA Today, Los Angeles Times and Money.
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For sure, the scenario is grim…The European banks are almost dysfunctional as indicted by Target 2…http://www.economicsfanatic.com/2012/06/target2-euro-clearing-system-indicator.html
Time once again proves that flimsy paper (whatnot fiat papers) fails to harmonise or unite humankind, be it European, Chinese, English nor Yakee. Don’t ever rely or have high high hope on this flimsy stuff.
The picture is clear, there is no shortcut or cut-corner job to accomplishment. The French revolution along with American, Glorious, October, Taiping, Xin Hai, Red, and Cuban revolution all has left behind a great milestone in history, I believe. It was because of the revolution theory that has
significantly brought us ahead of time.
Given a choice, Bernanke will likely strangle the currency (your money)... in favor of “strengthening” the economy.
Eventually, economic reality and markets will collide -- unfortunately, the higher the market, the harder the fall.
How certain business practices wind up jacking up costs before sticking you with the bill.
The Japanese Nikkei fell flat on its face overnight.
While Bernanke Runs Wild, Let’s Talk Ponies