The other day my capable collaborator and mentor Jim Fackler indicated to me he thought another Depression may indeed be in the realm of discussion. That is, the idea of such happening should be "on the table." I almost choked on my Red Bull. He seems to think that the banking situation in Europe is bad enough it could cause another worldwide economic smack down. I don't know for sure. But I have a very real feeling the Euro is not going to make it. And when we think that Ireland guaranteed every last red euro of Irish bank debt and put it on the backs of the Irish taxpayer for the next 5 generations...could he be too far from wrong? Unless Europe is willing to become a fiscal union as well as a monetary union, the euro hasn't got a chance. And the Italians do not seem serious to me at all and Spain hangs by a thread.
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