European Banks Circle the Wagons
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  • thibaud

    Everything points to the need for greater fiscal union in Europe.

    Concerns about sovereignty in the weaker nations of the eurozone are going to seem less and less important as the price of that sovereignty is the collapse of the banking system and with it, the collapse of the overall economy.

  • Jim.

    Hawley-Smoot for international finance? Uh-oh.

    They can’t all be right, though; if cross-border lending to France, say, is a bad risk, why should the French banks keep lending to themselves?

  • Kris

    “Europe is coming closer to its hour of decision.”

    It has long passed its hour of derision.

  • Corlyss

    Two words: credit freeze.

  • Corlyss

    @ thibaud
    “Everything points to the need for greater fiscal union in Europe.”

    Everything points to a need for Europe to wake up from their fatuous and fevered delusion that the way to prevent WW2 recurring was to stigmatize nationalism and try to obliterate it with this silly US of Europe notion. They crippled their war-making capacity quite neatly by the imposition of cradle to grave nanny states. Now they need to figure out how to reinstill an entrepreneurial spirit, a taste for risk and reward, again.

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