Currency reserves are being depleted in order to maintain currency pegs.
So what will happen ? Western Europe will have to pay for it. There will be resentment and EU enlargement fatigue.
As we predicted the U.S. banks will be nationalized. Mass nationalizations are inevitable.
As mush as a mess as it is, we believe that politically and financially, Russia has a perfect opportunity to retake much of its "near abroad."
http://www.bloomberg.com/apps/news?pid=20601109&sid=aW7Voe3QaHX8&refer=home
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