Wednesday, 22 June 2011

all quiet on the western...

... and the same old tricks

...fighting to keep the Euro alive.

More and more people try to challenge me on what I said long ago and keep saying: the Euro is history , it is an awfully horribly dying species. That alone is not really a challenge! Not just because last night a high ranked German Diplomat said to me "...but if you are right it is going to be a disaster!"

And No, I am not following Nostredam.

Ever since the beginning of the crisis nothing, nothing was done to solve the real issues, not even analysing what the crisis' basic reasons are. It is almost like forbidden to talk about Germany's export bonanza being based on Greece's turmoil and the PIGS's high unemployment rate or their diminishing GDPs; admitted, that is cutting it short, but instead of real analysing and acting there is just more paper printed and IT returns pressed hectically to create QE number x, y, z - don't you dare call it QE3!

Bad Bank concepts flood the balance sheets with the ECB leading the gang to be the Worst Bank of all; guess why the ECB did not agree to have the banks taking their share in Greek losses? Schaeuble's idea to have the banks participate was not a new one but it did not happen other than under a voluntary agreement! What a joke, Ladies and Gentlemen? No wonder, you hear no bank shouting "Here!"!

So, what might take longer than expected, all those life prolonging shots and tricks, will end in a revival of a trustworthy currency? Well, give me a break.

Here, for a change, is something a wee bit more funny: did you know "The English are basically Germans"?

Well, at least I made it to Scotland!

Carpe diem!


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