Weekend Chart Roundup – Saturday 9 June 2012 (14:43)
Well we’re having a bounce but how long is it going to last. News this weekend about another bank bailout – this time it’s 100 billion Euro and for Spanish banks. Doesn’t address the Spanish Government debt, but probably good for at least a 2-day rally.
Link of the day …
Gonzalo Lira does a nice job in this video of comparing the problems Europe is having now with South America in the 1980/90s. Thinking of the Euro as a “currency peg” for the different European economies is right. And we all know what happens to currency pegs in the end – whether they’re pegs against the US Dollar, gold or each other.
“The Europeans have nobody to blame but themselves – they created the situation and it’s their own arrogance and their inability to look at history and the example of other peoples that has led them to this position … These very arrogant Eurocrats thought that they could handle this and they simply do not know how to handle it.”
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