A "black swan" is an unexpected event that no one knows about it and does not expect.
Europe is going to collapse because of the huge productivity differential between the northern countries (e.g. Germany, the Netherlands, Denmark) and the southern countries (e.g. Italy, France, Spain, Portugal).
Milton Friedman predicted it years ago. I agree with him.
Implications? The Euro would decline sharply. The dollar would soar. When? That's the issue with the "black swans". You do not know what you do not know.
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George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
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