Think about it: more and more European politicians are coming out and trashing the overvalued euro and ECB monetary tightness as the cause of stagnation in Italy, Germany and France. Italy may well reintroduce the lira. Might Schroeder try to reintroduce the deutschemark in a last-ditch effort to defeat Merkel this fall? The Dutch aren't happy with the euro, either. As we've seen with the rapid increase in NO sentiment concerning the EU constitution across Luxembourg and eastern Europe in recent days, there's a major snowball effect developing.
Soros took advantage of the same kind of snowballing pessimism in 1992, when he lined his pockets with $1B at the expense of the Bank of England. Is there any doubt that he and his fund managers are looking to score again at Europe's expense? |