Daily Archives: July 29, 2012

Nostradamus and the Euro

L. Randall Wray

Let’s end the debate about who was first to predict the Euro disaster: Nostradamus.

When I was in high school we discovered Nostradamus while goofing around in the library. Man, that guy was prescient!  The book included commentary that showed he had foreseen Hueys dropping Napalm on villages in South Vietnam (an issue of the day). After leaving the library I found the book in my bag—and it became a running prank that Nostradamus would show up in lockers and cars, or on desks and occasionally even in mailboxes. I’m not sure where the book ended up—not with me, as I’d be checking it for his predictions on the Euro crisis. But I’m sure it is there in gory detail.

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“Whatever it Takes” – How Far is the ECB Really Prepared to go to Save the Euro?

By Marshall Auerback

Re-reading Mr Draghi’s market-moving remarks last Thursday, one gains a sense that the European Central Bank chief recognizes that the ECB has a banking run on their hand. Most market participants have understandably focused on Mr Draghi’s pledge that the ECB was “ready to do whatever it takes” to preserve the single currency. “Believe me, it will be enough,” he told a conference in London.

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