Posted by WARREN MOSLER on October 24th, 2011
Ok, it’s a stretch, but the biblical story of the 10 plagues does come to mind.
One by one various member nations have seen their funding taken away. The process begins with interest rates spiking to the point where, for all practical purposes, they can’t fund themselves without outside assistance.
There has been blood in the streets of Greece.
And the latest spread of the contagion to French interest rates, however politically incorrect, does bring to mind the plague of frogs, which was closely followed Sarkozy’s begging for the ECB, only to be turned down by Germany’s still hard hearted Merkel.
So might it be with the 10th plague, the killing of the first born, which, in the case of the euro is Germany, we will see the final liberation of the euro zone from it’s enslaving institutional structure?
Maybe next spring? When the chauffeur drives up in a Nissan to take them to the promised land?
Watching those German rates closely!