“We are looking for ways for the euro to become another currency of legal circulation and to be accepted in the Panamanian market,” says Panamanian President Ricardo Martinelli.
No, dear reader… you have not been suddenly transported back to 2007…when rappers and supermodels were shunning dollars and demanding payment in the Esperanto currency.
Why now? When the eurozone’s continued existence is open to question?
Mr. Martinelli ventured to Berlin this week… and declared his dual allegiance to the dollar and the euro while standing next to German Chancellor Angela Merkel.
It’s a big deal because, as he acknowledged, “In Panama, the currency in free circulation is the American dollar.”
“You vill take ze euro and you vill like it!”
“Panama’s dollarized economy,” says a Reuters dispatch, “is one of the fastest growing in Latin America, expanding 10.6% last year with help from heavy infrastructure spending including the expansion of the Panama Canal.”
Does Mr. Martinelli know something about the fate of the dollar that we don’t? Doubful.
Still, we wonder whether he cleared this with anyone in Washington before he jetted off to Europe. He does remember what happened to Manuel Noriega when his paymasters in D.C. got fed up with him, right?
Perhaps he should have made a stopover in Switzerland before making his decision…
“I can’t exclude that in the coming years we may need the army,” Swiss defense minister Ueli Maurer says of the potential for euro-violence to spill over his country’s well-defended borders.
Quite the statement, only a few days after the European Union was awarded the Nobel Peace Prize… Heh.
Maurer also questioned, according to NBC News, how long “money alone” could quell the crisis. Since Switzerland hasn’t seen any conflict since the Treaty of Paris in 1815, one wonders if the defense minister is just getting cabin-fever and jumping the gun, so to speak.
Treading a fine line between contrarian thinking and conspiracy theory, Dave Gonigam explores the nexus of finance, politics, and the media for Agora Financial's 5 Minute Forecast. He joined kindred spirits at Agora Financial in 2007 after a 20-year career as an Emmy award-winning writer, producer, and manager in local TV newsrooms nationwide.
Make Way for the Gold Price "Zero Hour"
After a six month rally, the Nipponese index dropped 7.3%. Is it a turning point or a small correction?
After rising 3% out of the gate after Thursday’s bloodbath, the Japanese index embarked on a wild ride.
The American Association of Petroleum Geologists was nice enough to schedule its 2013 annual convention at my hometown of Pittsburgh…
Given a choice, Bernanke will likely strangle the currency (your money)... in favor of “strengthening” the economy.
If the Maker Movement Is So Great, Where’s Our Flying Car?
IRS scandals and the dangers of dissenting opinion in America.