China early this morning said it didn’t want any Greek debt, or Italian debt. The situation is obviously very fluid.
There is a possibility of the Eurobond actually happening. German chancellor Merkel said to save Greece she would consider it. Previous to that she was against a Eurobond.
Presumably, she could get the German courts to agree to a Eurobond.
The problem as everyone knows is it’s not just Greece. It’s Italy, it’s Portugal, it’s Ireland, it’s Spain, it’s Belgium. I would argue that it’s even France since they are not that far away from Italy. The French banks are probably severely underwater from the Eurozone crisis, and the German ones are too.
There is only one solution. Bust up the Euro. Let each individual government have their own currency. They will inflate them. Yes, a lot of people will lose a lot of money. Individual governments can bail out their own banks, since surely they coerced them into taking on Eurodebt. But it is the only way to operate the Eurozone since there is no over riding taxing body, and governments don’t have discipline.
By the way, safe deposit boxes are sold out in the Italian area of Switzerland. Human behavior on the ground might tell you more about what is really going on than a talking head at a bureau.
What this really shows me is how far a bunch of bureaucrats will go to keep their jobs.
How many of them are out of work if the Euro blows up?
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