Home > History Repeating Itself, Solution-Problem > Breaking – Fitch Points Out the Obvious

Breaking – Fitch Points Out the Obvious

The Telegraph reports late tonight on the ongoing European sovereign debt crisis.  The tagline itself is quite telling: “Spain and Italy were both told to brace for a debt downgrade after a leading rating agency concluded that a “comprehensive solution to the Eurozone crisis is technically and politically beyond reach.”

It’s interesting that no one reported on this earlier. Oh wait, I did.  This morning.  Although it’s like bragging about being smarter than the valedictorian of Louisiana State, I am going to go ahead and brag about the fact that I recognized this before Fitch.  (Hey, no one else is tooting my horn, and no one pays me to rip on the crap that Europe calls sovereign bonds.)

I have said it before, and I will say it again.  Europe will keep kicking this can down the road until everything blows up completely.  A solution is impossible at this point.  Mitigation is the best we can hope for.

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