This week’s Friday Post comes from CityUnslicker at Capitalists@Work. I don’t think he’s joking when he says he doubts the euro will see Olympics 2012:
“The Gordon Brown answer to the financial crisis in 2008 was to move the Bank debt to the public sector and this has hastened the end of the Euro as for many Euroland countries, notably Ireland, this exposed the level of debts as far too high for the Country to ever pay off. Look at Greece today, 24% of GDP going on debt repayment; that is GDP not Government spending – and this is with the bail-out.
Unsustainable. With Germany’s Mr Wulf and others decrying throwing good money after bad then this is the endgame. It may take another few months, but I am convinced the Euro won’t see the Olympics. Germany is not going to bale it out and the current situation will end in a disastrous crisis.”
So, it’s not very cheery over there but he goes on to outline six possibilities for the future and the comments are interesting too so do go and have a look 🙂
UPDATE: Since the post is about the economy I thought I’d slip this one in too. It’s the latest Goldman Sachs report which Zero Hedge have managed to ‘acquire’: “The World is Ending so Let’s All Profit”.