As i listen to today's news, it seems Europe is on the brink of disintegration. Rallies in Spain, Portugal, Italy and other cities, against austerity measures and banks' bailouts are starting to gain momentum. Today's election in Greece will decide which way EU will go and Greece in particular.
The repercussion of such development will send shockwaves around the world. The financial tsunami will be catastrophically enormous. There will be massive bankruns, capital flights and defaults.
I think we just have to let it fall where the pieces should be; rather than governments resort to bailouts and palliative measures which in the long run ...will achieve nothing. No QEs, no bailouts, no printing of more money -in short, let the banks fail; let governments default.
This break up of the EU will metamorphose in a new economic and political order; more humane, reasonable, and propeople. Banks should not be allowed to grow too big beyond their banking duties.
I hope ill wake up to a new beginning tho how difficult and painful it may be.
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