I am continually amazed at how incredibly irresponsible people are at their jobs and responsibilities. The European situation was obvious to me and many other bloggers years ago that they where sitting on a pile of lies. A pile that makes the USA lies look not that bad.
And here we are, day after day, month after month of the European political drama of denial and patchwork promises to stabilize the union. What have Europeans gotten for all this effort? Their (and US) tax dollars thrown at bankrupt countries, banks, and other financial institution with NOTHING done to address the root cause, excessive debt, lack of transparency, and mark to fantasy accounting.
Greece's bond rates I have published before soared. Now its spreading to Italy, Spain, Portugal, Ireland, Belgium and even France!
The leader for being the next Greece fiasco is Portugal, with soon to follow Ireland, Spain, or Italy.
Once one of these countries become the next Greece, I predict we won't have a 3rd, but a 3rd, 4th, 5th, and 6th at the same time.
Prediction: Europe is incapable of doing the right thing, as America has proven it isn't either. So we must have a European crisis. And Germany WILL buckle and print the euro just like America.
Next its a coin toss on who goes down next, China, US, or a long list of other countries.
But for those who think the US is untouchable, your just like most Europeans 1 year ago.
Once those countries buckles, then its time for the global currency crisis. I still think 2013-2018. It takes quite a while for this to play out.