Ambrose Evans-Pritchard,writes for the Telegraph and he is not one to mince words. In fact, I think he prefers to get down in the dirt, with his sleeves rolled up to tell us what is behind the secret curtain. he was recently our guest on the TDI Podcast and is must episode to listen to. Interesting comments and right on the mark. (Click HERE to listen to Podcast)
Anyway, today he writes a piece that is sure to piss-off European leaders, if not bruise their pride a bit. here is a snippet:
The interwoven banking and sovereign debt crisis in the eurozone has become so dangerous for the world that the US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe’s banking system.
That it should have to do so as Germany and the European Central Bank hold back for legal reasons and refuse to commit decisive power adds a strange diplomatic twist.
The move came once it was clear that Europe’s prostrate banks would struggle to roll over $2 trillion (£1.3 trillion) of debts denominated in dollars. Data from ratings agency Fitch shows that US money markets have slashed funding for French banks by 69pc and German banks by 50pc.
Read the rest of his thoughts HERE.