Capital is leaving southern Europe. One way or another, it’s leaving.
It is quite remarkable that just a couple of months ago the European supercrats were patting themselves on the back in Davos, sighing and telling the world that the storm was lifting. Someone please pass the caviar.
How wrong they were.
The EU sponsored theft of Cypriot assets has put the world on notice. The Europeans won’t give up their dream. They’d rather people suffer than admit to the pan-European failure. Greece languishes, as does Spain, Portugal is becoming part of northern Africa again, and even France, one of the great stars of the “north” looks less and less (much less) an equal partner to Germany these days.