Wednesday, 10 November 2010

euro's suicide, round II

With Irish and Greek yields soaring EURO's suicide is back on track:

Yields on Greek 10-year bonds spiked to 11.34 per cent on Friday, approaching the historic highs of last May when the country had to be bailed out by the European Union and International Monetary Fund to avert a sovereign default.

Not to forget Portugal; so much for the outcome of the rescue package; nevertheless the ECB now has €64bn in hands to buy more of the same junk. No reason to be criticising the FED and its $600bn package doing just the very same; they all hang on the drip called Ponzi with the US hating the EURO crisis as it gives them a huge problem in trying to devalue the greenback and inflate the market; times of easy Dollar adjustments like Ronald Reagan did it are long over with.

China buying into EUROland spending its Dollarpaper will retard the lingering illness and increase its influence on the losers while at the same time German's export bonanza goes on using the same Irish, Greek and Portuguese currency that is in its final throes.

Don't anybody worry: the G20 will sort it out; this week, here on this planet; stay tuned!

Carpe diem!


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