It looks very much like the ECB is out of bullets.
It cannot afford to bail Italy out.
- Take a look at the Italian "pain" chart and then ask yourself if Fwance can be bailed out?
So far Germany seems to be saying 'nein' as the EUrocrats try to get it to fund their project of turning the EUro "safety net" into a hammock for the laziest in EUrope.....
- No wonder that they are (so far) willing to spend paper EUro's, but NOT their Gold. [Germany has ~3,401 tons, only #2 to the US with it's purported ~8,133 tons; would you be surprised to know Italy comes in at #3 in Gold holdings?
Friday, 11 November 2011
Too BIG to BAIL?...............from Rico
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1 comment:
theo:
spain & ireland next.
they can offer no defense to the dictates of markets.
then, france. a tougher nut to crack, but, then again, the beautiful thing about being an insolvent walnut is that you crack yourself.
john jay
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