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News Link • European Union

Sovereign Debt: a Threat to the Entire Financial System

• Bill Bonner, The Daily Reckoning
Waterford, Ireland – “Ireland is broke,” said our taxi driver. We like to ask cab drivers about the economy. Not that they understand anything any better than the average central bank economist. But they talk to people. Without cameras or tape recorders in the background. And they have their own businesses too. When times are good, people take cabs. When they are bad, they take the bus. “My bloody income is down by 50%. Most of my fares are people coming or going on business…or just people going to work. But now, who’s doing business? Who’s working? “The developers and the bankers ruined this country. They pushed up prices. And then, what was the government doing? They haven’t a clue. The guy who is head of Ireland’s financial affairs is a former schoolteacher. I’ve got nothing against schoolteachers, but what does he know of finance? And he’s over there negotiating with the Germans.

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