"By now, even the mainstream media
is realizing what I’ve been saying for well over a year: that the EU in its current form is
finished.
I initially believed that we would
see Greece kicked out of the EU. However, at this point it looks much more
likely that it will be GERMANY who
leaves.
The reason is quite simple really.
Germany WILL NOT tolerate debt monetization. They’ve seen how that situation
plays out (Weimar) and will not allow it again, END OF STORY. If the ECB opts to print
money, Germany is out.
So… the only other option for the
EU to last is the leveraged EFSF. However, as we’ve seen, that option is a dead
end as well:
No new Euro zone money for
debt crisis at G20
The Euro zone won verbal support but no new
money at a G20 summit on Friday for its tortured efforts to overcome a sovereign
debt crisis, while Italy was effectively placed under IMF
supervision.
Leaders of the world's
major economies, meeting on the French Riviera, told Europe to sort out its own
problems and deferred until next year any move to provide more crisis-fighting
resources to the International Monetary Fund.
"There are hardly any
countries here which said they were ready to go along with the EFSF (Euro zone
rescue fund)," German Chancellor Angela Merkel told a news conference...."
