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The Euro is starting to breakup. The unthinkable 10 years ago is upon us. Woe unto Europe!
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[link to www.thenewamerican.com]
[link to technorati.com]
From the New American article:
" In April, the euro was trading at just under 1.50 to the dollar. On Wednesday it closed at 1.27, a decline of almost 15 percent in nine months. Barclays Bank anticipates further declines in the euro in 2012 due to continuing weakness in the European economies. Jose Lynne, Barclay’s head of foreign exchange research, noted that “before September economic activity was pretty strong in Europe,” but it has declined substantially since then, with the euro headed for 1.20 to the dollar or even lower. [b ]Nomura, the international banking firm located in Tokyo, is considering the likelihood of a total euro collapse.[/b ] Said the bank’s foreign exchange strategist, Jens Nordvig, a break-up of the eurozone could play out in two ways: gradually, with the value of the euro dropping steadily over time, or instantly, following a default by Italy. In that event, the euro would disappear altogether and the eurozone countries would revert back to their own currencies. Nordvig admitted, “European policymakers continue to argue that they will do ‘what is needed’ to save the euro. But the genie is out of the bottle, and various break-up scenarios are now being discussed [b ]more openly.”[/b ]
How far could the euro decline? By continuing to attempt to solve the euro crisis with the very tools that started it, the Keynesian central bankers will make sure that the [b ]euro goes to zero.[/b ] As Ayn Rand put it:
[b ]" The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title.[/b ]
The Eurozone is going to breakup. It will be an economic armageddon which will cause the people of Europe great suffering. Have we heard the sad stories coming out of Greece? This is only the beginning of the mad times.
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