Steve, where do I begin? Lets start up with the Eurozone and take it from there. I was the first to mention to you that the Spanish Bailout had already happened before it was even announced that they were going to need more within the week. Well a week has passed and it said that both Italy and Spain need an almost $1 Trillion dollar bailout. The reason? Apart from both being insolvent, Italy has to borrow money at 7% to lend to Spain at 3% by edict of the Euro Technocrats via ECB. These morons have the economics understanding of a five year old. Now both countries are heading the way of Greece, which is total economic death as Greece is a failed state, with no government, a stolen election and thousands starving to death.
Steve as I said the Euro is unofficially collapsed with a major "OFFICIAL" collapse coming this fall or winter. I said many times to my cohorts , though the Eurozone has it's problems, it is the US that is the Supreme Emperor with No Clothes the Eurozone are just vassals. The problems facing the US are much, much worse. With very high unemployment, debt to the stratosphere and an economy in rigor mortis, the US is a patient on his death bed waiting for the elite power brokers to give it it's last rights and then devour the patient's body.
Couple of points that, I need to revisit for your readers and listeners are as follows:
1. Real Estate- The real estate, in the US, has in no way hit the bottom--yet. Not in the FEH (Financial Economics Hubs) like New York but I tell you that you will see a housing market crash the likes of which you have never seen or will ever see again. This will occur for the following reasons. (more)