As a European it is painful to see that I was right. Hopefully we learn the lesson.

Failure to restore order may leave Italy joining Greece, Portugal and Ireland in seeking outside help. The first port of call would likely be the 440-billion euro European Financial Stability Facility. A country can now tap a precautionary promise of support of up to 10 percent of its gross domestic product -- about 160 billion euros in Italy’s case.

European stocks declined after European Central Bank Governing Council member Klaas Knot said the bank can’t do “much more” to stem the debt crisis. U.S. index futures rose and Asian shares fell. (Source: Bloomberg)

The Euro was a wrong idea -- designed and implemented by few bureaucrats without the consent of the Europeans. They created a monster. Some famous economist even got the Nobel Prize for concocting the currency.

The Euro is destroying a great continent full of history and resources. They made it a bureaucratic nightmare. A financial quagmire.

This is what happens when we let bureaucrats take charge of how to run our lives and refuse to take personal responsibility. It is one more example of the damage bureaucrats can do when they decide to tell us how to live. What is best for us. How do they know?

Shame! Shame! Shame!

More details in my The Peter Dag Portfolio and my free educational videos on http://www.peterdag.com/.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest

To find out more about my in depth views of the markets and my strategy just visit our website https://www.peterdag.com/ where you can subscribe to The Peter Dag Portfolio. You can also call me at 1-800-833-2782 to discuss your specific investment portfolio.
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