The Euro is Toast
I've been saying this for a little while now, but here's some further evidence found from this article. I'll quote the best parts here, but I recommend the whole piece.
On the 11th February the Daily Telegraph’s Brussels correspondent Bruno Waterfield wrote an article under the header: “European banks may need £16.3 trillion bail out, EC document warns.”
“European Commission officials have estimated that “impaired assets” may amount to 44pc of EU bank balance sheets.
I don't know where one would come up with 16.3 trilion euros (20 trillion dollars). And 44 percent of all assets are bad! Wow! I mean, just wow! One thing I do know--the dollar index will be back over 100 soon as the european economies slowly sink back into the Atlantic. The one thing the gold bugs/America bears have been missing is that the rest of the world (bar Canada) are in much worse shape than we are. We may be going down--but the rest of the world is just about out.