Saturday, January 1, 2011

Merkel Vows to Protect the Euro

I am opening my first 'Nothing is Confirmed Until Officially Denied' File of 2011.

Chancellor Angela Merkel vowed to defend the euro as “the foundation” of Germany’s economy and called for resolve to bolster the currency.

Europe is in the midst of a great test,” Merkel said in an advance text of a New Year’s speech to the nation. “We must strengthen the euro.”

When Merkel has to include euro talk in her New Year's speech, you know the masses aren't very happy about bailing out the elite banks that are stuck up to their eyeballs with PIIGS paper.

The well connected Nouriel Roubini even thinks a German Tea Party may develop.

But, the real problem is that the euro is creating unhappy campers across Europe. Not only are the Germans unhappy with the bailouts, but the average workers in the countries that need to be bailed out are just as unhappy, if not more so. The big show in Europe in 2011 could very well be the power elites attempt to defend the euro as the masses hit the streets to protest.

1 comment:

  1. "Not only are the Germans unhappy with the bailouts, but the average workers in the countries that need to be bailed out are just as unhappy, if not more so."

    I never saw this observation so well and succinctly written. You have captured a great deal of truth and a wonderful insight in this short statement.

    This makes clear that the divide is not between rich and poor, country vs. country, or any other labels of division foisted upon us. The divide is money and political power vs. all.

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