They still don’t get it. Sarkozy challenges the global bond market to a fight. Greek politicians impose harsh austerity measures on their citizens due to their own ignorance of the monetary system. And now Angela Merkel is admitting that the Euro is in danger. Just moments ago Merkel said:
“Every one of us here can feel that the current crisis of the euro is the greatest challenge that Europe has faced for decades, since the signing of the Treaty of Rome. This challenge is existential. And we have to rise to it.I’ll boil it down to its core: The euro is the foundation for growth and prosperity, along with the common market — also for Germany. The euro is in danger.”
I don’t even know what to say. At a time when leaders must look like leaders Angela Merkel is proving that she has absolutely no clue what is going on here. After months of turmoil and a failed $1T bailout they still don’t get it. The currency is the problem. This is a currency crisis, not a solvency crisis. The problems at hand are inherent in the currency. There is only one true solution – restructuring of the currency, defections and ultimately a full dissolution of the Euro. They’re clearly dead set, however, on saving a failed currency and that means this crisis is unlikely to go away any time soon….