{"id":44,"date":"2011-07-07T14:16:53","date_gmt":"2011-07-07T18:16:53","guid":{"rendered":"http:\/\/www.ttgnet.com\/journal\/?p=44"},"modified":"2011-07-07T22:27:11","modified_gmt":"2011-07-08T02:27:11","slug":"finally-a-solution-to-the-euro-crisis","status":"publish","type":"post","link":"https:\/\/www.ttgnet.com\/journal\/2011\/07\/07\/finally-a-solution-to-the-euro-crisis\/","title":{"rendered":"Finally, a solution to the Euro crisis"},"content":{"rendered":"

The Europeans have come up with a solution to the Euro crisis: threaten S&P and Moody’s<\/a>. After all, if no one is allowed to point out that the emperor has no clothes, who’s going to notice?<\/p>\n

Meanwhile, everyone with any sense is dumping Greek and now Portuguese debt as fast as they can. Hint to traders: now is the time to dump all of your Icelandic, Irish, Italian, and Spanish bonds<\/a>, assuming you can find anyone foolish enough to buy them. Fools are quickly becoming harder to find<\/a>. If someone offered me that junk at $0.10 on the dollar, I’d flee screaming.<\/p>\n

To give you an idea of the scale of the problem, Greece, which is about the size and population of Ohio, is now close to $600 billion in debt. But the situation is actually much worse than those figures indicate. Ohio has a robust economy. Greece has no economy to speak of, and no prospect of developing one. Think of Greece as Ohio with a Soviet-style economy and you won’t be far off the mark. And Portugal, Iceland, Ireland, Italy, and Spain aren’t much better.<\/p>\n

People are now talking about “partial default” and “temporary default”. There’s nothing partial or temporary about it. We’re looking at default default. One morning in the not-too-distant future, we’ll awaken to news that the dominoes are toppling and the Euro has gone down the tubes. Count on it.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Europeans have come up with a solution to the Euro crisis: threaten S&P and Moody’s<\/a>. After all, if no one is allowed to point out that the emperor has no clothes, who’s going to notice?<\/p>\n

Meanwhile, everyone with any sense is dumping Greek and now Portuguese debt as fast as they can. Hint to traders: now is the time to dump all of your Icelandic, Irish, Italian, and Spanish bonds<\/a>,<\/p>\n

 » Read more about: Finally, a solution to the Euro crisis  »<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-44","post","type-post","status-publish","format-standard","hentry","category-government"],"_links":{"self":[{"href":"https:\/\/www.ttgnet.com\/journal\/wp-json\/wp\/v2\/posts\/44","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ttgnet.com\/journal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ttgnet.com\/journal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ttgnet.com\/journal\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ttgnet.com\/journal\/wp-json\/wp\/v2\/comments?post=44"}],"version-history":[{"count":0,"href":"https:\/\/www.ttgnet.com\/journal\/wp-json\/wp\/v2\/posts\/44\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ttgnet.com\/journal\/wp-json\/wp\/v2\/media?parent=44"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ttgnet.com\/journal\/wp-json\/wp\/v2\/categories?post=44"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ttgnet.com\/journal\/wp-json\/wp\/v2\/tags?post=44"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}