One of our favourite Germans (he’s up against some serious professorial competition) sheds some more light on the shambles known as ‘The Euro’.
Here’s my favourite quote:
“And apropos ‘kicking the can down the road’: With the EFSF now downgraded, it appears that the IMF is getting ready to provide more bailout money. As this money is also unlikely to be obtained from friendly aliens, it is clear that other governments will borrow it and central banks will print it.”
No razor blades allowed for this one, I’m afraid, but it’s required reading for those who can take it.
Take it away, Herr Schlichter: