Euro Currency insanity now clear for all!

Follow the logic of the two year Irish guarantee of its bank deposits. In spite of French re-assurances it is not available elsewhere. Therefore looking at the approaching abyss will savers across Euroland not seek the security of that Irish guarantee? Read the latest mess of Gordon Brown, here, who announced a rise to fifty thousand sterling with no commencement date thus causing another crisis. (Note the Telegraph headline actually labels this as a panic! I am keeping that word for the real thing). What will Ireland do with all that cash? They will not obtain realistic market returns with a similar two year guarantee so the chances will get ever greater that the banks will indeed fail, drowned in a sea of univestable cash, and that the Irish taxpayer will have then to compensate any euro investor, an idea so clearly preposterous that in a normal world it would beggar belief. Yet that is the situation within the EU this very morning. Ambrose Evans-Pritchard has more apt comment in the Telegraph today, here, and he there confirms my assertion that with the rescue of AIG, as I stated on 17th September, here, the US Taxpayers under the Paulson plan are mainly helping the Europeans, now clearly spelt out by Mr Evans-Pritchard , I quote: We now know that it was French finance minister Christine Lagarde who begged Mr Paulson to save the US insurer AIG last week. AIG had written $300 billion in credit protection for European banks, admitting that it was for "regulatory capital relief rather than risk mitigation". In other words, it was underpinning a disguised extension of credit leverage. Its collapse would have set off a lending crunch across Europe as banking capital sank below water level. Watch those letters at the front of the Euro-serial numbers as suggested! Read here