Quote of the day

Le Soir quotes Jacques Delors as saying (see also this):

“Open your eyes: the euro and Europe are on the brink. And not to fall, the choice seems simple: either member states accept the closer economic cooperation that I have always claimed, or they transfer more powers to the Union.”

On the brink of what? Mike Whitney will tell us:

It means the [European financial] system is under great stress and beginning to slow down. It means investors have lost faith in the ability of policymakers to fix the system. It means there’s a panic underway and people are moving into cash. It means the eurozone is headed for a crackup. It means we are on the brink of another financial crisis.

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