Goldmoney’s Director of Research Alasdair MacLeod stopped by yesterday to give us an update on what’s happening in Europe. Since he’s based in the UK and he’s beholden to no one, he’s got a great perspective on things and they’re not pretty. Seems the Greek Government has been taken over by a group of determined adolescents. Their solution to everything is, when in doubt spend more money that you don’t have. Raise the minimum wage, increase bankrupt pension payments, hire more civil servants to do nothing and on and on. The very same behavior that has caused the crisis across the globe. And of course they’re expecting a different outcome a la Krugman. Good luck on that one!
And Alasdair explains that this will no doubt lead to an exit from the Euro and it’s spawning similar movements in Spain, Italy and elsewhere. The failure of leadership is nearly universal and the results will be catastrophic. More good news for your weekend. Buy gold and silver and forget about it!
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