Rogers is right sometimes and wrong sometimes. This time he is spot on. The issue in Europe is a systemic one that can only be cured with realistic entitlement cutbacks. But Western Europeans are will see their states collapse before they accede to entitlement cutbacks. Merkel has been balking lately at these short term steps of southern Europe papering over their systemic spending problems particularly when they want to use German assets as the wallpaper.
So, when is the next crisis date? In other words, when are the next European bonds due?
—But Western Europeans...will see their states collapse before they accede to entitlement cutbacks.—
Exactly. The US has the same problem. We’re in this for the full ride to the bottom.