The Sale of the 21st Century

The Spanish bailout will fail “in less than a month.” But that’s OK, because France is up next, and soon:

And there you have it. As evidenced by today’s reaction to the bailout, which had a half life of 2 hours, and was a complete failure in 6, the market is learning much, much faster than expected. Which also means that Porter’s estimate for the length of time before the next wave of the contagion tsunami strikes somewhere in the middle of the 8th arrondissement is furiously optimistic, but we agree: 2 months tops.

Germany is going to end up owning most of Europe, without ever having to fire a shot.