A house of cards

This morning, for the first time ever, the Euro was worth more than 1.5 USD.

See : http://www.ft.com/cms/s/0/fa616ac0-e519-11dc-9334-0000779fd2ac.html.

This is no reason to start a party.

In my book, it is another sign that the crisis of the financial system is far from over. This may not be the beginning of the end, but merely the end of the beginning ...

It is more than I can understand to hear many among the most reputed economists say that the basis of the US economy is, and remains, structurally sound.

If they had had to pass their exam with the professors who thaught me the noble art, they never would have made it.