Tag Archives: hungary

Stacy Summary:   Please note that the ‘euro will be dead’ prediction comes from ‘leading economists’ and we all know how well their predictions on the forever bubble went; regardless, the second NYTimes article goes a bit further in explaining what is happening with our financial systems.  There is too much debt.  It is mathematically impossible to pay these debts and, so, like all Minsky moments, nobody wants to be left holding the bad debt parcel.  The liquidity crisis is caused by the solvency crisis.

• The Euro will be dead
• The $2.6 trillion mystery:  which banks hold all the debt?

**UPDATE**:

• Senate Dems pass bill allowing government, in name of consumer protection, to collect personal data on every single financial transaction made by anyone (h/t @Marc Authier)
• Sarkozy welcomes weaker euro, arguing that it has been overvalued for too long, hurting European exports