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These events surrounding the Euro will go down in history as the turning point upon which people worldwide lost their faith in the institutions of government.

Here in the US our government institutions should be advising all US companies to covert all financial assets to dollars, and should FORBID US banks for holding, or trading in, Euros.

When the Euro fails, and it is CERTAIN TO DO SO, the financial damage worldwide will make 2008 look like a flea bite.

My main concern isn't the coming collapse. It's that I'm certain that the left will demagogue the events and paint it as a failure of Capitalism. If recent events tell us anything it's that the left’s crackpot arguments will carry the day and the “solution” will be unbridled misery, poverty, and lack of liberty that socialism always brings.

We (the right) would do well to join together and fight their attempt to create “utopia”. Their so-called utopia is more dangerous than any financial collapse ever could be.

There are a number of Eurozone related stories on Zero Hedge (my favorite site after FreeRepublic).

Dodgeball Eurozone-Style: EuroBanks Flee to ECB Overnight Facility and US Treasuries Draw All-Time High Bid-to-Cover of 9.07 on 4-week T-Bills

http://confoundedinterest.wordpress.com/2011/12/27/dodgeball-eurozone-style-eurobanks-flee-to-ecb-overnight-facility-and-us-treasuries-draw-all-time-high-bid-to-cover-of-9-07/

And

The Euro Crisis and The Great Unwind – Why Monetary Policy Can’t Fix Europe’s Woes

http://confoundedinterest.wordpress.com/2011/12/26/the-euro-crisis-and-the-great-unwind-why-monetary-policy-cant-fix-europess-woes/

This blog has a cool name, and there are some seemingly interesting entries posted there, but I find it almost impossible to parse.

Like this gem: "...little did we realize just how destabilizing this fact to the system would be".

More clear in his musings Yoda is than this cat Tyler Durden.

Zerohedge is a weird blog. During trading hours it is mostly populated by active traders, some of whom are quite sophisticated.

The rest of the time it is infested with followers of Ron Paul who gleefully predict and hope for a total collapse of all economic systems. Apparently they like that idea as they think they will be equal to the evil rich when the evil rich lose their money. They are a truly pathetic and bitter crew of losers.

But they love the Constitution!
/s

MF Global already illustrated the legal ability for investment bankers if in a desperate pinch borrow against customer money and have it tied up in limbo if they bet wrong and go bankrupt. Rumors have it that the Fed Reserve may have asked Corzine to do a favor, buy contracts on Greek and Italian bonds at a critical moment to prevent an EU collapse and the Fed Reserve/SEC will take care of MF Global/Corzine. Maybe they never expected Corzine to leverage at 40 to 1, or Corzine assumed the US gov does not mind he leveraged at 40 to 1. No one really knows who told who to do what when SEC/US Treasure/Fed Reserve were desperate as they watch the Greek and Italian bond yields rise. Problem is a new type of mentality may take hold in the US gov and investment bankers on customer accounts. If the EU implodes the customer will lose their money anyway thus the gov/banker is justified to take it to plug the losses. If the customer complains, take it to court and get a lawyer. It may take years and heavy cost to recoup the losses but at least the government and bankers averted a total collapse. If one is smart get as much of your money out of the investment banking system as possible. When desperate, gov and investment bankers will do what is necessary to survive.