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Thursday, December 15, 2011

Europe's Shotgun Marriage

~  Aww.. Snuggly-Wuggly Nosey-posey Eskimo kisses.. Awww~ 

Its only been 1 week since the EU's 'make or break' summit in Brussels. You remember- the one where Britain got ridiculed by the other nations for having the courage to want no part of it..  the summit that all the investor roaches around the world cheered on Friday with a rise in the global markets based really on empty hope.. the summit that would allow the rest of the world to breath a big Whewww sigh of relief and re-focus on Christmas shopping:

Brussels accord on the verge of collapse (Telegraph UK) -- "The German Chancellor faced open rebellion against the key plank of her Brussels accord. The leaders of Hungary and the Czech Republic told a joint conference in Budapest they were ready to reject the planned treaty changes and implied plans for a centralised tax system... 

"Poles marched under banners that read: "We want sovereignty, not the euro." They were protesting against the Brussels deal that could see EU countries, including those outside the eurozone, face penalties for breaking tough centralised spending laws...

"Meanwhile Mario Draghi doused the other big hope – for radical European Central Bank (ECB) support – warning that the bond buying programme was "neither eternal nor infinite." The head of the ECB said there was little he could do to restore growth."

Maybe everything will work out happily in the final moments like a TV sitcom... Some magic 'kick the can' solution out of thin air at the last second, like often before..  But we still advise you to tread cautious this holiday season for no matter what, there is a December 26th..and 27th..  And the way things are going, you might wish you had some cash in that proverbial 'coffee can'.