The Eurozone has now become a farce, and the Heads of State who are
meeting today at Brussels will have to be magicians with words if
they are to convince investors that the Eurozone has any future at all.
Today's Summit should have been that of Finance Ministers who were to
have supplied the final details of the rescue plan for Greece through
to Italy. Late last night it was postponed to an unknown meeting in
the future -- very likely a meeting that will never be held. It's not
as though the Eurozone problem is of recent origin. Officials and
politicians have been kicking the can down the road on at least a
dozen occasions in the last two years. The cancellation of the
present rescue plan is only the last of these.
After opening this morning, the London Stock Exchange tried to be
brave for the first ten minutes but shares are now (8.30am) plunging.
Is this the beginning of a "depression that will be worse than
anything in the last century" (Sir Mervyn King, Governor of the Bank
of England)? Readers would be well-advised to buy a few gold coins
while they're still available before Eurozone investors get at them.
Keith
Keith Hudson, Saltford, England http://allisstatus.wordpress.com/2011/10/
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