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Tuesday, March 09, 2010

Greece Is Obama's Problem?

It's difficult to wrap your mind around this:
In a speech at the Washington-based Brookings Institution yesterday, Papandreou said the Greek crisis posed a financial risk to the U.S.

‘Trade Deficit’

“For America, a weak euro means a rising dollar; that, in turn, means a rising U.S. trade deficit,” he said. If the EU, the U.S.’s biggest trading partner, “should falter, the consequences here would be palpable.”
Heh. Greece is tiny - the risks to the Euro are found in the high debts of other European countries, like Italy. The US cannot do anything about all that debt - the US needs to look to its own debt, and the debt of its individual states.

To think that only a couple of years ago the Euro was being pushed as a reserve currency....

Greece is a economically important to the EU as the counties of of San Bernardino and Riverside are to the US. Yawn.
Big Picture has the Welsh Investment letter up..great read..

Dude's figured out that the Germans are NOT going to pay for Greek excesses, hence he's wandering around in search of money. If I recall correctly, he's already visited Russia and gotten the same runaround that Iceland did.
And no wonder. To use Rob's metaphor, Iceland is as economically important as Minneapolis.
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