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John Rubino joined us yesterday to discuss Europe and its impending failure. John says, and I agree, the Euro was designed with egregious flaws, and under the current system it's not fixable. Chaos is a real possibility because the peripheral countries in Europe are in depression now; their unemployment levels are as bad as those of the U.S. in the 1930's. These countries cannot devalue their currency because only the European Central Bank can control monetary policy. The only foreseeable solution would be internal devaluation by cutting labor costs, but this creates so much anger among the population. The people in charge of Europe feel a legitimate sense of urgency, and you should too.
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It's good to talk.