Euro

The end of the euro now looks almost unavoidable. And it may be closer than one thinks. Germany will look to that. The only possible -  but by no means guaranteed  - way out of the present mess is blocked by the Germans. They have paralyzed the ECB.

They still have wet dreams about their Deutsche mark. They have been forced into the euro by Mitterrand (the euro  was the price  Germany had to pay for  France's support for its reunification) and  Germany is ready to take their revenge. The split will be costly and painful for us all, even for the Germans, but principles are principles. Deutschland, Deutschland über u.s.w.

I hope that, somewhere and in deep secrecy, we are printing  new Belgian francs, but more likely we will be caught with our pants down.  And what about the exchange rate ? We all stand to lose an enormous fortune. But the rich ones will find ways to avoid losses ; as usual the John Doe will foot the bill.