Agora's Eric Fry on the Defaulting Greece, Italy, Spain and Portugal
Originally posted on RT’s Capital Account. See the original post here.
In Greece, striking power workers occupy a government building but the crisis doesn’t begin to end there. Germany
failed to get bids for 35 percent of the 10-year bonds offered for sale today, propelling borrowing costs in Europe higher and the euro lower on concern the region’s debt crisis is driving away investors. Stocks sank, dragging the Standard & Poor’s 500 Index lower for a sixth straight day, and costs to insure European government debt rose to a record after a German bund auction fueled concern the debt crisis is worsening. French and Belgian bond yields surged and commodities tumbled. In the western world of heavily indebted nations, are we all Greeks now? Eric Fry, editor of the Daily Reckoning, believes that’s the case. We find out why. Meanwhile, what does the US assassination of suspected militant Anwar Al-Awlaki, a federal raid of Gibson guitar, and a 900 pound bluefin tuna have in common? They all exhibit examples of government over-reach and an attack on due process, according to an investor who spotted the US housing bubble has his eye on this trend. And we have a Thanksgiving Cinderella story for you. Even though income inequality has been going up in the US, even though social mobility has been going down, there are still some rags to riches stories to be found, they just might not be about people.