It Sure Feels Like It!
My blog list has much to recommend it. Two in particular tell it how it is. Firstly Raedwald and beautifully crafted by a beautiful lady, Francis Coppola. Both nail the problem the muppets in power either don't understand or are too far up each others' orifices to see.
Whatever these cartoon politicians are thinking, their puppeteers in Brussels are even more thick. So steeped in luxury and deferential preening are these ghastly people they just don't realise the markets lined up against them are screaming you have no clothes. For clothes, read solid, asset backed, dosh.
You might ask why the markets, that is those who can choose to lend to this disparate cartel of incompetent bureaucratic, buffoons, are refusing to invest in this EU failed experiment. The answers are better laid out by my superior links but for what it's worth, my take is that the Banks have no assets to back their businesses.
If they want to lend to you and get interest from your income and labour, they have to borrow elsewhere. In order to do this they need to convince a lender, say China or Russia, India or Brazil, they can cover the repayments! Now this also applies to States who need to borrow to service their pampered public sectors and political placements. Spain can't do it and their banks are also stuffed with useless mortgage documents.
There appears no answer unless a wealthier State helps out by pledging their citizens future earnings big time. That is commonly seen to be Frau Merkin's patch. However her little games over the EU Federal Union passion for dominance aren't working either.
So what next? I agree with Francis Coppola. Break up, managed default and bank closures or changes which punish those who started the ponzi style of criminal marketing of worthless, unsupported debt swaps. That means those politicians too close to their banker pals. One supreme practitioner, above all others, is Snotty. Time he was in court!