Since Frank is a bit bussy I decided to announce the date of the 4th German Caliber Meeting.
It takes place from September 07 till September 09/2012 in Leipzig. Regarding the program Frank was a bit tight lipped as yet. But I'm sure he won't disappoint us.
Will it still be there ? I heard that Germany was being given away to Spain, Italy & France.
Germany would have the best shot at executing a relatively swift exit that would be over before anyone could panic. No agonizing over who exits and who doesn’t. Stripped of its German export powerhouse, the euro would depreciate sharply, but would not become a virtually worthless currency, as, for example, any re-issued Greek drachma surely would. With the euro devalued, a Greek exit and devaluation would be relatively pointless. So, no contagion or bank runs. With new exchange rates making all the non-euro financial havens prohibitively expensive, and with the threat of forced conversion into devalued national currencies removed, depositors in southern Europe would lose their impetus to run.
Germany’s exit would provide immediate benefits to all the remaining euro-area nations. The currency depreciation would radically improve their trade competitiveness -- exactly what many observers have said the weaker nations in the south need most. The euro area’s balance of payments would improve, providing sorely needed funds to service its external debt. The benefits would accrue to the euro area as a whole, as opposed to serial exits at the weak end of the spectrum, which would crush one weak nation after another, with each exit increasing pressure on the next candidate.
Greetings to absent Friends, wish you a sunny weekend cruising.
Show us the buffet !
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