"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Wednesday, 3 August 2011

Hold On To Your Hats

(and the shirt on your back). Here's an interesting item from Bloomberg:  Berlusconi will be addressing the nation and Italian Senate later today at 4.30pm and 6.30pm our time. The markets are going ballistic today and Britain will be in line to contribute to bailouts for both Italy and Spain.

This video report from Reuters includes the comment that "they've generally underestimated the amount of capital required in Europe - particularly Spain and Italy."

The sooner this rotten structure collapses the better we will all be. After all the damage inflicted on people, I don't want a two-tier EU, I want NO EU with no chance whatsoever of it thrashing around zombie-like or rising from the dead.  It's going to be very painful for us either way so at least let's hope we have a positive outcome and this basket-case ideology is finally binned.

PS Don't forget this from yesterday - IMF warns France

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