Congratulations America, you are the proud owner of the Euro, that worthless piece of paper cranked out by socialists countries who want us to emulate them for their superiority and sophistication.

I'm on my moralistic high horse for a few reasons. I remember ten years ago when the Euro came out, it was touted as the rival to the US dollar and the British Pound. Which they claimed they would phase out in a few years.

"We will bury you"(Financially) was what I heard from various smug Euroweens I was working with overseas.

Well it didn't work, neither did the EU. There is a lesson in all of this that I doubt the US Govt in its present state will heed nor will the Liberal socialist "progressives"...but you can't reason with those people, so why try.

But in my estimate, we bought worthless paper with worthless paper backed by the Chinese. Thats not really a good thing.

The Germans and the French aren't as dumb as we think they are.


My rant is over and thank you.

Billy

Luckily the US exposure to the European soverign debt crisis is pretty minimal. At least on a macro level. But you are right that the Euro will be seriously debased as they come up with a way to float Euro bonds.

Quote from: Dan on December 02, 2011, 08:14:44 AM
Luckily the US exposure to the European soverign debt crisis is pretty minimal. At least on a macro level. But you are right that the Euro will be seriously debased as they come up with a way to float Euro bonds.

It wasn't a question of If it was a question of when.
I shudder to think of ways they are gonna try an float
the bonds.

Billy