Jul 21, 2011

Every year we hear the same story. Recovery is just around the corner. We've bottomed out. The recovery is going slower than expected, but there is no reason to panic. All of this is wishful thinking. They are buying time to try to stop the economic snowball as it rolls down the hill getting bigger each day. I said years ago that it would take some time for this huge Babylonian "tree" to hit the ground, but it has already been cut at the base.

http://www.telegraph.co.uk/finance/financialcrisis/8650929/Euro-reaches-eleventh-hour-as-Angela-Merkel-and-Nicolas-Sarkozy-hold-crisis-talks.html

Today's news:

Euro reaches eleventh hour as Angela Merkel and Nicolas Sarkozy hold crisis talks

Angela Merkel and Nicolas Sarkozy held crisis talks in Berlin amid warnings that a failure to break the debt crisis deadlock within 24 hours would send shockwaves around the global economy.