Humpty Dumpty

Humpty Dumpty sat on a wall,
Humpty Dumpty had a great fall.
All the king’s horses and all the king’s men
Couldn’t put Humpty together again.

Of course the Humpty in question is the Euro zone. This morning Spain quietly let drop that its 2012 deficit was over 10% of GDP, France announced a  spending freeze in a “frantic” attempt to rein in its ballooning deficit while Italy is silently awaiting this weekend’s election, which is thought likely to evict the “technocrat” government of Mario Monti as Italians seek the “least worse” option. Greece of course is locked in strikes, while even the recently robust Netherlands is suspected of joining France in moving to the “periphery.”

This is a slow motion train wreck, folks. Don’t be fooled by the happy talk.

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