Sunday, June 03, 2012
Worth Reading Soros' Speech
In particular, his observation that the de facto process of separating the Euro currencies by country is well underway is important. Because Germany cannot foot the bill for a European bank deposit guaranty scheme, Soros' suggested fix is impossible.
To keep the Eurozone, Berlusconi's suggestion is probably more feasible. Allow countries to issue their own scrip, and go to a dual currency system. The Bundesbank would hugely prefer that solution, and it may be the only one now possible.
PS: Singapore is weakening again.