The Lehmann Letter (SM)
Over the weekend The New York Times reported that Europe had created a $1 trillion firewall to protect it from future default crises.
It's a fund established to assure investors who hold European government debt that there are ample resources available to bail out any European nation. This will avoid the piecemeal approach that bedeviled the Greek restructuring. The funds are there should Ireland or Spain or Portugal or Italy run into difficulty. More important: It shows, once again, how seriously Europe intends to build a united and successful future.
That does not guarantee the absence of trouble along the way. Today's Wall Street Journal reported that the European economies face slowdown.
They may even face recession. But they are determined to set aside ideological differences in order to confront the future in as united a manner as possible. If only we could do that in this country.
(To be fully informed visit http://www.beyourowneconomist.com/)
© 2012 Michael B. Lehmann