how is our race to the bottom doing?
- Greece is on it's way to yet another default.
- If my calculations are right (see: http://fdominicus.blogspot.de/2012/05/ist-blodheit-ansteckend.html) then Spain has to get new debt of 33 ¢ for every Euro they spend. New debts (officiall numbers) around 34 billions. Now they have to offer 6.5 % for new money. How "unfair"
- Extra implicit debt of the USA 200 trillions. That seems to get a tough one
In short the race is almost run. Currently leading Greece, Spain, Italy. But the followers are not that far of. And what do we get from our politicians? "Everything's under contro" and yet (strange enough) the new suggestions for "solving" the problems are following in a minutes distance. Could it be that "panic" time is starting? All the suggestions just complete the mess. More power, more debt and more regulation. That's all there is, be it in Euro Land. USA or China. Just see some newspapers or probably better blogs....