Monday, January 16, 2012

The Euro? 404 Error, Not Found

I happened to get a quote on the Greek 1-year bond earlier today and found that its yield had hit an apt figure:

The 1-year yields roughly 404 percent, which is apropos because 404 is the universal web status code for "not found".

And that's what the head of Unicredit Securities said today regarding the future of the Euro. Here are the soundbites, so you don't have to slog through the whole article (all bullet points are verbatim quotes):

• Europe's common currency is virtually dead...
• The Euro's doomed...
• ...when Athens is declared bankrupt, a "10 magnitude" earthquake will shake Europe...
• ...Holders of Greek government bonds will have to write off their entire investment, the southern European nation will stop paying salaries and pensions and automated teller machines in the country will empty 'within minutes'...

Bloomberg also relays an assessment that "the panic escalating this way may sweep across Europe in a self-fulfilling fashion, leading to the breakup of the euro area."

In other words, the exact same spending plans of the Democrat Party -- led by Barack Obama, Nancy Pelosi, and Harry Reid, who have put America in hock so deeply that it simply cannot be bailed out -- are the same plans that are poised to destroy the European financial system.

If we have a prayer of saving this country, if it's not already too late, I urge you to eradicate the Democrat Party at the ballot box in 2012. Obliterate it, at every level of government. It's the only way to be sure.


1 comment:

bacontime said...

The "Obama Deficit Chart" looks worse every time you show it !!!