Will the PIGS blow up Europe?
Posted: May 18, 2010
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The ECB seems to be substituting itself for the banks as the chump to be left holding the bag when the defaults begin.
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Whatever you think of Pat as a Presidential candidate, he has a knack for identifying global trends.
Transnationalism, ethno-nationalism, and economic nationalism I think I understand. What he misses in this short piece are the formation of religious nationalism (i.e., Muslims carve out part of countries and align them…selves with their religion as opposed to the country) AND the liberal politically correct non-nationalism. Maybe he covers these in his book.
In any event, a thought provoking one pager.
Clearly, the US Taxpayer is on the hook for this bailout. All to benefit the banks that are stuck with the deadbeat’s bonds!
When this all fails, what happens?
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