The leaders of the Worlds 20 major economic powers begin their summit today. A day after the Greeks voted to stay in the European Union.
The Spanish Prime Minister, Mariano Rajoy, was so pleased with the outcome of the vote he held a teleconference from his plane with his counterparts from; England, France, Germany and Italy. Upon arriving at the summit the Spanish Prime Minister said:
I think what we are going to transmit is a message of confidence in the euro.
No. That was not a sigh of relief, more like exasperation.
The Greek vote only delays the coming European financial trauma. This delay allows banks and people to prepare, thereby minimizing the negative impact. Do not be duped into thinking the debt from Greece, Spain, Italy, and Portugal is not going to be the eventual downfall of the Euro. When you include France’s pivot to the socialist party, the Euro has only one direction to go, down.
This is where I would begin my dissertation on America’s debt problem and how we are an entitlement nation following the same path as these nations. Instead I’ll let this say it for me. I don’t know who drew it, but it says it all perfectly: