Tuesday, November 08, 2011
The End of The Beginning
As Italian bond yields hit a staggering and unsustainable 6.7%, Umberto Bossi of the Northern Leagues has called on Silvio Berlusconi to resign.
Suffice to say Berlusconi will not go without a fight, because he fears losing the immunity from prosecution that remaining in office gives him.
That being said it is clear that he is finished.
The removal of Berlusconi will give some temporary relief to Italy. However, it is clear that this is not the end of the Euro crisis, nor even the beginning of the end, but most likely the end of the beginning.
I should point out that the end of the Euro crisis will occur only when the Euro itself is consigned to the dustbin of history.
The world mnust brace itslef for months of further turmoil, as Eurozone countries are picked off one by one until the "leaders" of the Eurozone finally admit that the "game is up"..