CBS News MarketWatch:
“Spanish and EU leaders have been saying for some time the banks didn’t need a bailout, which is why the bailouts come as a surprise to no one. As H.L. Mencken said: “It is hard to believe that a man is telling the truth when you know that you would lie if you were in his place.””
Is this the start of the reckoning? Spain’s real estate values are terrible. And the Euro is in free-fall.
Or – is the Euro free-fall going to prop up the dollar and cause oil prices to fall? [combined with lower global demand for oil]. Is a collapsing Europe what saves the US? How is Europe going to feel when the US continues the drunken orgy of printing free money and they’re stuck with the hangover.
Europeans haven’t typically responded well to being stuck with other peoples’ bills.