Posted on 06/14/2012 4:29:05 AM PDT by SeekAndFind
How do you say Schadenfreude in French? Or Spanish? Or Greek? Because, three years into the failed economic policies of a failed president, Schadenfreude -- knowing that, however bad our situation may be, the state of affairs in the Eurozone is much worse -- is all that is left to us.
And it is worse, make no mistake about that. And, it increasingly appears, irreversible. Which is why those of us who saw this day coming must resist the urge to gloat now that the poulets européens have come home to roost. Let us instead, let out a sigh of relief as we observe the Euro-debacle from a safe distance and draw what lessons we can, lest there fate become ours. For the euro's increasingly probable collapse is about more, much more, than the euro.
George Mason University economics professor Tyler Cowen almost gets it when he writes, in the May 26 New York Times:
"We thus face the danger that the euro, the world's No. 2 reserve currency, could implode. Such an event wouldn't be just another depreciation or collapse of a currency peg; instead, it would mean that one of the world's major economic units doesn't work as currently constituted. Note the qualifiers, "could," and "would." In fact, the euro is imploding and said implosion does mean that "one of the world's major economic units doesn't work as currently constituted." And it's a pretty sure bet that whatever new constitution the Euro-elites conjure up for their "newly constituted unit" won't work, either -- certainly not if it's "newly constituted" by the same people who constituted the current one."
The good professor writes: "The final lesson of this debacle is that smart nations with noble motives can make very big mistakes."
(Excerpt) Read more at americanthinker.com ...
While the utopian dream is collapsing they try desparatley to force us to board a sinking ship to no where. Academia...so brilliant they can hardly contain themselves. We all know people in our won lives that are now indoctrinated in the acedemic world that think they are far superior to the average human. funny
Worry very much about what Geithner and the globalist elitists in DC have promised the sinking europeans on behalf of the US taxpayer ..... guarantee that will not be leaked until it is too late
Europe and America are connected. When Europe goes so will we.
The Balkans aren't confined to the Balkans; never have been and never will be.
Given this reality, how could the Euro do anything but fail?
yes, when the European banks go on
“holiday”, the ATMs stop working, and the euro-nation borders and airports are overnight armed and reinforced against Greeks, Spaniards etc seeking to migrate ......
America will not be a disinterested observer
I believe Karl Denninger several years ago wrote about a scenario of how things would unfold when the banking system collapsed
No way am I not gloating now.
Idiots who won't learn by being wrong, sometimes learn because incessant ridicule is unpleasant.
This will be for their own good.
I think the problem will be “solved”. I think it will be “solved” by the Beast coming out of the earth in Revelation 13: 11.
Yep. I think this is it. There. I said it.
and just who holds US debt?
http://cnsnews.com/news/article/top-customer-under-obama-fed-s-holdings-us-debt-have-jumped-452
No problem, we can take on more debt to boost europe (sarc)
Its not all about trading. Our financial systems are deeply intertwined. Pull on a string in New York and it shakes a branch in Brussels. There are massive investments, bonds, loans and so forth between the continents.
bookmark. Thanks
Redistribution of wealth (read: fruits of labor) writ larger and larger and larger.
LOL
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