Euro Declines as Europeans Wise Up
By Dave Gonigam
11/30/10 Baltimore, Maryland – It took a while… but the most clueless European is finally figuring out something the most clueless Americans have known for a year or two: They’ve been snookered.
Remember when Ben Bernanke told us that problems in the mortgage market were contained to the subprime sector? Then it became obvious they weren’t contained. But he promised they wouldn’t detonate the credit markets or take down major banks. And so on.
Europeans are living this right now, today. Leaders of the European Union assured them that problems in Greece would stay in Greece. Then the problems spread to Ireland. So EU leaders said if the Irish would just take a bailout, they’d come up with a plan to make sure nothing like this ever happened again.