Friday, August 5, 2011

Turmoil on all fronts

Active Volcanoes of Debt

07/13/11 Paris, France – “Markets rocked as debt crisis deepens,” proclaimed The Financial Times yesterday.
“Race against the clock to save the euro,” screams Le Figaro this morning.
The Dow fell 58 points yesterday. Oil rose to $97 a barrel, while gold went up $13.
What’s up? We don’t know. But we see a lot of banana peels on the financial sidewalks this morning. Be careful, dear reader; be very careful.
One headline tells us that the French plan has been abandoned. Another tells us that a new rescue plan is in the works. Still another contradicts the first two.
Germany doesn’t want a Europe where money is transferred from the ants to the grasshoppers; it doesn’t want Greeks and Portuguese using the Teutons’ credit card. France doesn’t want a Europe in which its banks are allowed to go broke because of nothing more than their own incompetence. And Italy doesn’t want a Europe without bunga-bunga parties.

Read more: Active Volcanoes of Debt

Comment: Once again we get the prove that the world is a tragic joke.

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