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Sunday, June 03, 2012

Worth Reading Soros' Speech

Although, let us face it, any speech given at anything purporting to call itself the "Festival of Economics" is a fertile ground for mental masturbation. Festivals and economics just do not go together.  Still, here it is.

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. 

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