Free Republic

As I watch the events in Europe unfold, it’s like observing a slow-moving train wreck. Everyone knows the 800lb. gorilla in the room is Germany, and that Greece, Italy, and the rest of the PIIGS must tighten their belts to receive any kind of financial aid whatsoever. Transcribing proposals on paper and discussing them in parliament is one thing, implementing those ideas in the real world is something completely different. All the theatrics of meeting after meeting, general pronouncements, and dramatic conference calls can do no more to stop the inevitable than a lifeguard raising their hand trying to stop...

Reflecting the anger of Americans who are blaming Europe for the current economic turmoil, the President called for eurozone leaders to show global markets they are taking responsibility for the crisis.

Once again the bond markets have spoken, and once again the message is the same: default. Greek two-year bonds are near 44%, having touched as high as 46%. The interest rate on 1-year Greek government debt is a stunning 59.8%.  Greece Not Saved  Supposedly "Greece was Saved" on that blue circle when yet another bailout (throwing more good money after bad) was approved.  The deal unraveled for numerous reasons but demands by Finland for collateral are at or near the top of the list. Austria, Slovakia, and the Netherlands now want collateral as well.  Under great pressure from Germany, the...