Predictions of a new global recession began to appear in the financial media in early October just before the market took its dive, recycling much the same forecast that CNBC trotted out the previous October!
Any TV news organization would rather cover a train wreck than an on-time arrival at the station. But CNBC's constant denigration of the equity market begs a question: why on earth would the cable network do their level best day in and day out to scare viewers out of the markets that they covers?
"The euro is to blame for everything. Without it, there would be no need for budgetary rigor and growth would return." This is surely the most absurd argument to arise from the nationalist and populist parties campaigning for the European Parliament elections.
What has evolved over the last 20 or so years is a natural divergence between the fundamentally weaker and stronger economies, particularly since the onset of the global financial crisis five years ago.
Restoring domestic demand needs to be Greece's economic policy emphasis. Despite any downsides, a parallel currency that supports an employment guarantee program would be a U-turn towards rebuilding the population's purchasing power -- and rebuilding Greece's ravished economy.
The euro has happened. But is it a bad idea? Will it last? Despite the reality of the full-blown depressions in Southern Europe and pauperization of the middle and working classes there, European economists have not changed their tune.
The Germen are perfectly able to disseminate their euphoria and enthusiasm on top of their rigor and discipline. A New Europe shall then be born. Perhaps the "Pigs" can contribute with their creativity and improvisation which the Germen lack.
Spain and Portugal are like fresh sangria and old port. They are different tastes. And while the Euro has helped to remake these countries in some similar ways, the two are like neighbors who roll their eyes at the shouts and spicy smells that drift from next door.
Of all this week's international news -- the horrors in Kenya, Rouhani at the UN, the negotiations over Syria -- it is what some might call 'the boring German election' that will have the greatest long-term impact on the interests of the United States.
"Today's youth no longer relates to the accounts of peace and war. They seem to have forgotten that peace on this continent can't be taken for granted. We must learn to constantly substantiate the idea of a common European home."
Could it happen here? It's unlikely that in America you'd see that kind of outright grab on the part of the government, for any reason, (unless you think back to the gold confiscation of the 1930s). And in America, we're very aware of our deposit insurance limitations.