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Commentary & Analysis
European Spreads…Another Reality Bite for the Single Currency Regime
10-yr bond price summary this morning: Italy -1.16%; Spain -1.61%; Greece -2.91%; Portugal -9.49%
No surprise really given the following:
- Greece’s government could soon be toppled as citizens there have had their full of cooperating with the European Union cast of characters “imposing austerity” upon them. Greece’s Golden Dawn party is rising fast and the feckless Greece leaders from the other major parties are starting to panic. Of course, Golden Dawn is another party being labeled “right wing extremists.” Maybe they are. I don’t know for sure. I do know we can’t believe the mainstream media about anything any longer. Itseems every party that doesn’t fit the Brussels wine and crossiants mold, being built by real people who are sick of the rulling elite ramming the single currency regime down their throats, is labeled “right wing extremist.” Maybe its just me.
- French President Hollande is bashing Brussels. He is hammer hard on EC chief Jose Barroso, “vilifying him as fuel for the extreme right and has done nothing during his term in office,”according to the Financial Times. This is not supposed to be happening given France’s key rolein holding the EU together. Don’t get me wrong, Borroso is yet another political disaster for freepeople everywhere (as are most US politicos), but it is likely much easier for Hollande to bashthen to actually admit his socialists policies are destroying what is left of France; which is themuch needed buffer against the German take-over of the Eurozone. And of course the “right wingextremist” party in France, led by Marine Le Pen is growing fast.[The elite in the European Parliament are so worried about the growing popularity of Ms. Le Pen,they recently stripped her of immunity under the guise that because she wants to limit Muslimimmigration in France, it is similar to Nazi occupation in France. You could not make up thisclap-trap if you tried. Just ask Mr. Edward Snowden if you don't believe me.]
- Portugal yields are blowing out after its foreign minister resigned yesterday. The entiregovernment could collapse. Let’s guess why. Could it be once again the same theme: thecountry’s economy is being crushed by the single currency regime and real people are sick of it.Stay tuned, another “right wing extremist” government is probably being built in Portugal.
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