America is merely wounded, Europe risks death

By Ambrose Evans-Pritchard:

[...]

EU ineptitude – or rather, German, Dutch and Finnish unwillingness to face up to the implications of EMU – have raised the risk of a traumatic August crisis in Italy and Spain. EU leaders are bringing about exactly what they pledged to avoid.

The US cannot insulate itself against the consequences of Europe’s elemental EMU blunder, but it can mitigate the effects by restoring order in its own political house. The Fed has already bought a degree of insurance by gunning the money supply in advance. The executive institutions of the US government are viable and still functioning.

We can only pray that at least one half of the Atlantic system holds relatively firm. If both go down together, buy a shotgun and prepare for 1932.

Try buying any firearm legally these days.

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