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The EU's Systemic Risk: Why This Time Is Different
Europe will collapse before the end of the year, and very likely before the end of the summer. When this crisis hits it will be worse than 2008. And the world central banks will not be able to control the damage. What makes this time different? Several items: The crisis coming from Europe will be far, far larger in scope than anything the Fed has dealt with before. The Fed is now politically toxic and cannot engage in aggressive monetary policy without experiencing severe political backlash (this is an election year). The Fed’s resources are spent to the point that the only thing the Fed could do would be to ... (full story)
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- Eric D
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- Tw0eleven
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