Europe: on the brink

Monday, October 27, 2008

From The Telegraph: Europe on the brink of currency crisis meltdown European banks have an estimated Euro 4.7 trillion exposure to economies in Eastern Europe and Asia.

As I have written before, even with all of its well publicized losses, the United States is in great shape compared to the rest of the World. There is an iceberg headed for Europe..only Germany is willing to be honest.

Germany's Finance Minister Warns Crisis Far From Over
The highlight is: "The risk of collapse is far from over. Any all-clear would be wrong," Steinbrueck said. "We're still dealing with a dangerous situation."

The currency movements will give a clear indications of the impact of governments in controlling this crisis. Ammunition is low...conflict is escalating.
There is no place left to hide...November 15 is coming...will a cease-fire be called for three weeks?

Stay tuned.

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