dailyreckoning.com / By Bill Bonner /
Paris, France – From one ragged country to another. We are on a tour of Europe’s unraveling economies. Ireland…Spain…and now France.
Spain was in the news again yesterday. Its borrowing rate rose to 7.5%…a level that everyone says in “unsustainable.” We haven’t done the math ourselves, but we will take their word for it.
Policy makers in Madrid were rattled. Naturally, they took no responsibility for the mess. Instead, they blamed…short sellers! Yes, and banned short selling for 3 months.
That ought to do it, right? Everybody knows markets go down because people sell. So make selling illegal. Problem solved!
Now our travels have brought us back to France. At the heart of Europe…and at the heart of the alliance with Germany and the whole European Union project, if France can’t keep itself together…the whole EU is doomed.
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