On September 12th, less than two weeks distant, the German Constitutional Court (equivalent to our SCOTUS) will issue an opinion as to whether German participation in the Euro Bailout is constitutional under THEIR constitution.
If that Court rules against it, the Euro will likely collapse, since only the Germans have the funds to prop it up, and then only for a limited time.
Without German participation in the bailout, the Euro, which is already pegged right at it's introductory level of 1/1/99 (US$1.25), will likely fall to parity (or worse) with the US Dollar, itself not a strong currency.
I'm not into the politicization of the German High Court, but if they ARE politicized, they will probably okay the German Central Bank bailing out the Euro, and all will be okay, for a while....
Should they say that their Constitution does not extend to funding Socialism past their own borders however, the panic starts in Europe and will quickly spread to the USA markets, and we will have a Black September. The "original" Black September referred to the paleoswinian massacre in the '72 Olympics, but this Black September will be much, much worse.
A renewal (continuation?) of the "recession" is guaranteed here, and likely worse.
Are YOU ready for worse?
You have twelve days to prepare.
- If a crash involves a "bank holiday", you need to be prepared to function on cash for as much as several weeks. Can you do this?
- If Obama can't get a handle on it in several weeks, we will see the T.E.O.T.W.A.W.K.I. (the end of the world as we know it) scenario. In that case, the election means nothing, because the Nation will cease to exist before November. Specie for personal & family continuance will be beans and bullets.
- Do you have enough beans and bullets?
If this crisis is avoided, there will be others, because the cost of socialism in Europe has exceeded the ability to both pay and borrow for it, and the loans are due.