Calling a spade a spade, the EU is a bloc on the verge of destruction. The process of disintegration has started and it is unstoppable. A multi-speed Europe is merely recognition of the reality. This is the time to say goodbye to the EU we once knew. A patchwork of clubs is emerging instead to change the European political landscape once and for all.
European bourses advance and Asian share rose led by a surge in Hong Kong stocks which rose the most in three months as Japan hit 15 month highs. U.S. futures are little changed along while the dollar rebounded from session lows after Friday's selloff. Crude oil has continued its retreat, down 0.2% and sliding for a 6th straight day after breifly dropping below $48 in overnight trading.
Are we really supposed to believe that this time is any different? Are we really supposed to believe that the US government can continue to indefinitely lose $1 trillion dollars per year without consequence?
In an amusing twist on the "fiat vs digital" money debate, a former Federal Reserve employee who tried to fuse the two, was sentenced to 12 months’ probation and fined $5,000 for installing unauthorized software on a Fed server to connect with a bitcoin network.
“President Putin will call President Trump after the inauguration to congratulate him. It’s a protocol thing that has to be done,” Kremlin spokesman Dmitry Peskov said. “We expect that they may discuss their positions on a possible meeting.”
Update: so much for that. According to Reuters, two top aides to President-elect Donald Trump denied a published report on Saturday that he is planning to hold a summit with Russian President Vladimir Putin weeks after taking office. The Sunday Times of London reported that Trump had told British officials that such a summit was being planned, possibly to be staged in the Icelandic capital of Reykjavik.