The Quote of the Day

• Posted by Robert Sinn
• on June 13th, 2012

“We would be doing far better if we didn’t have the pall of Europe hanging over us. Frankly, it’s going to get worse before it gets better.” Former Federal Reserve Chairman Alan Greenspan

Greenspan went on to say “Culture really matters” regarding the untenable situation in the eurozone. Meanwhile, Spanish 10-year yields are at eurozone record high levels above 6.75% and US equities dumped hard into the close after Eagan-Jones and Moody’s both downgraded Spain:

Click to enlarge (Russell 2000 $IWM $RUT)

The Globe and Mail – “Political union needed to resolve Europe’s problems”

My initial thoughts are that if it were only as easy as simply forming a political union the European Union would probably have done it already…..more tomorrow.

 

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