This cancer is spreading we need to cut it out.
If Europe is to survive the Euro has to die.
It may be a holiday weekend in the United States and much of Europe (where the Monday after the feast of Pentecost is often celebrated as a holiday), but the world’s politicians, central bankers and financiers are too busy quaking in their boots to bask in the sun.
The problem is Spain, which dropped two stink bombs on the world. First, the cost of bailing out just one of Spain’s many doomstriken banks shot up from €4.5 billion ($5.6 billion) to €23.5 billion ($29.5 billion). This is money that Spain’s cash strapped government doesn’t really have; it is under orders from Brussels to reduce its budget deficits and has already slashed spending even as youth unemployment hits a Detroit-level 50 percent. This news isn’t just bad in itself; it means that the other zombie banks in Spain (and there are plenty of them) are going to be much, much more…
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