I realize that to comment on this blog, I have to first put up a location where you can do just that. Oh boy, am I not in the 21st century or what. I don’t know about you, but I certainly have a lot to lean.
Anyway, I would really appreciate your comments on the Weekend Show. I am particularly curious as to what you thought about the Weekend Special with Jeff Deist.
All the best,
Big Al
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I think the eurozone will hang together longer than most people think. Last time Jean-Claude and Angela were together, Angela looked up and blinked. There are strikes and riots in France, Spain and Greece, protesting cuts, but none in Germany protesting the amount they are supporting the rest of Europe, although one does begin to see comments in the zeitungs. There is more pressure at this moment on the rest of Europe than on German politicians, so the status quo will stand until this changes. Watch for comments from out of the conservative south as a vanguard of change coming.
One other problem is that after Germany a lot of Spanish and Greek debt is held in London, and having been badly burnt by american mortgage CDO losses and Iceland debt, London will pull the trigger to dump Greek and Spanish debt much earlier this time. (In fact it looked like they were doing just that a couple of months ago.)
Al,
Roger said last week that sooner or later Germany will exit the Eurozone and have a new deutschmark.
Well, I think he – and you, too – should be prepared for a long wait. Do you know Beckett’s drama about “Godot”? It’s about two men waiting for this guy who in fact never comes.
Germany’s involvement in Europe and European Politics is absolutely huge and imho not reversible.
David’s right in rating the situation in UK as more dangerous, perhaps explosive than on the continent. So it seems more likely that the BoE will have to do something totally unexpected to preserve the financial stability of the kingdom. As I’m not being a clairvoyant I cannot tell you what will happen but I think something like a haircut in UK is possible.
Roger and I are going to discuss this in today’s Daily Editorial along with some comments on tomorrow’s election.
Thanks for your comments,
Big Al
Al,
I looked for the comments you mentioned above, but it proved impossible to find them.
Perhaps the links are not correct.