COMMENT: We believe very strongly in what we are doing here. Nonetheless, it gets (expletive deleted) frustrating at times. We sure wish more folks would take to heart what we do here.
We sure wish more of you would post links to this material on other websites/chat groups.
One who clearly gets it is the vigilant “Pterrafractyl”, who alerts us to the two stories below.
We have noted many times in the past that the Euro/EMU is the realization of a German blueprint  for conquering first Europe and then the world.
It is apparent from the Bloomberg News article below that, as far as Europe is concerned, “Mission Accomplished.”
With American banks potentially vulnerable to a European banking crisis, we may see the U.S. economy brought down in time to see “verMITTler” Romney  installed as U.S. President. (Although such a banking crisis would not be Obama’s fault, the damage to the U.S. economy from failing European banks will inevitably be blamed on the incumbent. This election, already shaping up to be much closer than it should be, will be decided by the economy.)
You can bet that the “Occupy” movement , already manifesting the agent-provacateur, street jackass characteristics that I forecast at its birth last fall, will help to heap the blame on Obama. (“Occupy Wall Street,” like WikiLeaks , like the “Arab Spring,”  like Americans Elect , like the Naderoids of 2000 , are, basically far-right wing/Underground Reich/intelligence operations dressed up to look like “progressive” movements.)
EXCERPT: The euro currency is a malady that condemns at least a generation of Greeks, Italians, Spaniards, Portuguese and Irish to the economic infirmary.
In these nations, unemployment rates are now at their highest levels in recent decades, and there are few prospects for recovery in sight. The economists and politicians who created the system still proclaim it can survive. Their time would be better spent recognizing they made a bad mistake and preparing for an orderly dismantling of the euro before the damage spreads and further undermines European unity.
The problem isn’t just the region’s lack of competitiveness or its budget deficits or the high stock of existing government debt, which the International Monetary Fund now puts at 90 percent of the euro area’s gross domestic product (see Table 5 in this report). It is all of the above, compounded by five years of complete political denial.
For three years, capital has been fleeing Europe’s periphery for Germany. That country’s liquid banks, competitive labor markets and sound fiscal policies have made it the ideal location in Europe for investment. The periphery’s illiquid banks are sharply contracting credit to the productive sector, even as their governments are cutting back and political protests are mounting. Wages are too slow to adjust to dent these powerful forces: Germany looks ever more attractive for investors, further exacerbating the imbalances that brought us to this point.
EXCERPT: Some of us have been talking it over, and here’s what we think the end game looks like:
1. Greek euro exit, very possibly next month.
2. Huge withdrawals from Spanish and Italian banks, as depositors try to move their money to Germany.
3a. Maybe, just possibly, de facto controls, with banks forbidden to transfer deposits out of country and limits on cash withdrawals.
3b. Alternatively, or maybe in tandem, huge draws on ECB credit to keep the banks from collapsing.
4a. Germany has a choice. Accept huge indirect public claims on Italy and Spain, plus a drastic revision of strategy — basically, to give Spain in particular any hope you need both guarantees on its debt to hold borrowing costs down and a higher eurozone inflation target to make relative price adjustment possible; or:
4b. End of the euro.
And we’re talking about months, not years, for this to play out. [Just in time for the U.S. elections–D.E.]