If you are wondering why I keeping making posts about Greece and ranting about how the entire system is built on excessive debt look no further than the NYTimes for a graphic that says it all.
Can you imagine a German looking at Greeks rioting because their pensions may be reduced thinking that you are actually going to extend these people more money? I believe Greeks can retire at age 55 on a public pension, I guess I'd be rioting too if I had grown used to the idea that someone else would take care of me for the next 40 years!!!
DEBT WEB
As I type the Dow is down 276 points. I am hopeful for some turnaround here, but there is a real possibility that later in the week the Europeans vote down a bailout for Greece. Remember what happened in the US when TARP funding was voted down the first time? The S&P500 went down almost 8% that day. Be on your toes this week.
WANT MORE?
- Read this pretty good article on the "What If" the Euro collapsed by Julian Phillips
I don't agree with everything he says, but I've found few folks that actually outline what they think will happen, so I like it!
What will happen to currencies if the Euro collapses?
Goatmug
Tuesday, May 4, 2010
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hi
ReplyDeleteI see absolutely no reason why the USD or the YEN are better than the euro; not a single serious one. I saw an article today on FT called "EUROTRASH"; that is pretty extreme to me; also, speculators are piling big time today shorting the euro. A big squeeze is not out of the question imo.