View from Europe

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Here in Europe, things are worsening at a breathtaking speed: the Mediterranean countries are probably bankrupt (but everybody pretends not to know this as to keep the spirits high) and hence there is some chatter that Spain and Italy are about to leave the Eurozone.

Even in our biggest port of Rotterdam some sandwich salesman told in a TV program that he sells almost no sandwiches because the daily number of hungry truck drivers leaving that port with goods is now less than 10% (!) of that of only a few month ago – therefore (according to this TV program) he sells only 10% of his usual amount of sandwiches.

I got caught by the Madoff swindle, my bank (triple A, audited by KPMG, so by now one should consider that to be a very suspicious CV) had sold me a product (also triple A, and approved by KPMG) that ultimately proved to be guaranteed by Madoff (through two other banks one of them the Deutsche Bank) ,so I lost 50,000 Euro’s overnight. According to our Dutch financial commentators, the difference between Madoff and ordinary banks is non-existent: banks have almost no assets either, so maybe the USA government will bail out Madoff as well as City Bank.