The European Union is Doomed

The Euro is cheap in response to the inevitable exit of Greece and other poorly-run European governments. Perhaps some Americans will be able to afford a Parisian vacation this year. On the continent itself, people are on the move too. Engineers and other highly-trained workers are leaving southern Europe countries, the high unemployment areas of Spain, Portugal, and Italy, for Germany.

The Germans are getting skilled workers for their industries and, because of the collapse of the Euro, lower prices for exporting. How long, however, will Germans be willing to foot the bill for the above countries lack of fiscal discipline and insolvency? Are European countries, even Germany and some Nordic countries, likely to increase their tax base in the next year or two as manufacturing slows? What will happen when populous and central player of the European unity movement, France, joins the deadbeats?

The European Union is doomed. As Chris Mayer has written in Capital and Crisis, look forward to the garage sale, European assets at fire sale prices. See articles by Chris Mayer and Bill Bonner to capitalize on the opportunities.