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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 413.19

+1.1%

Jan 6 4:00 PM EST

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From: carranza2	5/14/2010 8:47:52 AM
	Read Replies (1) of 219061

Why things are unsettled today: According to this Spanish newspaper report, Zapatero quoted Sarkozy as threatening to pull France out of the EMU. Hat tip to zerohedge. elpais.com Bottom line: "Sarkozy llegó a pegar un puñetazo sobre la mesa y amenazó con descolgarse del euro, lo que obligó a Angela Merkel a doblar la muñeca y llegar a un acuerdo". Translation: "Sarkozy pounded his fist on the table and threatened to pull out of the Euro, which made Angela Merkel bend her wrist and reach agreement." Looks like market is misinterpreting the report, as it relates to events and negotiations which took place before the bailout. Some Sarkozian posturing no doubt involved. Still, with Volcker speaking of the possibility of the EU's disintegration, it seems that the edges are becoming frayed. The bottom line is this: A supra-national fiat currency simply cannot exist. Different countries have different interests and different strengths and weaknesses which make it impossible for a unitary policy to exist in times of stress. It is inevitable that some countries will think that others are taking advantage of them. They will protect themselves as they see fit. It is not difficult to imagine that Germany and France will wave goodbye to their wastrel brethren.

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