An important video that succinctly explains the problem of the European Union.
The simple arithmetic is this:
Benefits of the Union 1.8% growth of GDP
Cost of regulations 6.0% of GDP
Net benefit to Europe -4.2% of GDP
Though today's new of a European overseer and bailing out the European banks of their poor lending decisions by purchases of Italian, Spanish, and other low grade sovereign bonds may delay a bond crisis, the tragic trajectory Europe is heading down threatens to collapse the entire financial system.
Europe's crisis has become all of our crisis.
I'm liking precious metals here more than ever and cash.
We may see a continuation of today's stock rally for a little while until it is realized that perhaps an additional $300 billion is needed to further prop up banks in Southern Europe, but that will be a crisis coming later.
I feel sorry for the average investor as they seem to be blissfully unaware of the carnage wreaking below the surface instigated by financial institutions and national governments.