Paradise by the dashboard light: Soros: the Eurozone has 3 months to act or disintegrate

Soros says its up to Germany and they have a 3 month window to make it or break it.


"When financial markets discovered that supposedly riskless government bonds might be forced into default, they raised risk premiums dramatically. This rendered potentially insolvent commercial banks, whose balance sheets were loaded with such bonds, giving rise to Europe's twin sovereign debt and banking crisis.The eurozone is now replicating how the global financial system dealt with such crises in 1982 and again in 1997. In both cases, the international authorities inflicted hardship on the periphery in order to protect the centre; now Germany is unknowingly playing the same role.

The details differ, but the idea is the same: creditors are shifting the entire burden of adjustment onto debtors, while the "centre" avoids its own responsibility for the imbalances. Interestingly, the terms "centre" and "periphery" have crept into usage almost unnoticed. Yet, in the euro crisis, the centre's responsibility is even greater than it was in 1982 or 1997: it designed a flawed currency system and failed to correct the defects. In the 1980s, Latin America suffered a lost decade; a similar fate now awaits Europe."

Exactly why I have been mocking austerity.

Those who wish the Eruzone to stay together should be careful what they wish for and should remember the wise words of Meatloaf, from Paradise by The Dashboard Light:

II. Let Me Sleep On It

Girl:
Stop right there!
I gotta know right now!
Before we go any   further--!

Do you love me?
Will you love me forever?
Do you need me?
Will you   never leave me?
Will you make me so happy for the rest of my life?
Will   you take me away and will you make me your wife?
Do you love me!?
Will  you  love me forever!?
Do you need me!?
Will you never leave me!?
Will  you  make me so happy for the rest of my life!?
Will you take me away and will you make me your wife!?
I gotta know right now
Before we go any  further
Do  you love me!!!?
Will you love me forever!!!?

Boy:
Let me sleep on it
Baby, baby let me sleep on it
Let me sleep  on it
And I'll give you my answer in the morning

Let me sleep on it
Baby, baby let me sleep on it
Let me sleep on   it
And I'll give you my answer in the morning

Let me sleep on it
Baby, baby let me sleep on it
Let me sleep on   it
And I'll give you my answer in the morning

Girl:
I gotta know right now!
Do you love me?
Will you love me   forever?
Do you need me?
Will you never leave me?
Will you make me so  happy for the rest of my life?
Will you take me away and will you make me  your wife?
I gotta know right now!
Before we go any further
Do you  love  me?
And will you love me forever?

Boy:
Let me sleep on it
Baby, baby let me sleep on it
Let me sleep   on it
And I'll give you my answer in the morning
Let me sleep on it!!!

Girl:
Will you love me forever?
Boy:
Let me sleep on it!!!
Girl:
Will you love me forever!!!

III. Praying for the End of Time

Boy:
I couldn't take it any longer
Lord I was crazed
And when  the  feeling came upon me
Like a tidal waveI started swearing to my god
and on  my mother's grave
That I would love you to the end of time
I swore  that I  would love you to the end of time!

So now I'm praying for the end of time
To hurry up and arrive
Cause if   I gotta spend another minute with you
I don't think that I can really  survive
I'll never break my promise or forget my vow
But God only knows   what I can do right now
I'm praying for the end of time
It's all that I  can do
Praying for the end of time, so I can end my time with you!!!

Boy:
It was long ago and it was far away
and it was so much better than  it is today

Girl:
It never felt so good
It never felt so right
And we were  glowing likeA metal on the edge of a knife