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The Euro Titanic

The following is a quote from German Chancellor, Angela Merkel, in an article by Ambrose Evans-Pritchard in the UK Telegraph – and a pithy response from a reader by the name of Dr Jonathan Wilson. I thought it was well worth repeating as it contains a vital truth in a nutshell.

It is a fight against the markets and I am determined to win this fightAngela Merkel

Now that defines hubris

As you stand on the listing deck of the SS Titanic, Mrs Merkel, it is futile to shout at the iceberg

Indeed your frustration may blind you to the only option that is left to you – getting into the lifeboat.

And that means cutting your losses in Club Med investments to reserve your taxpayers debt capacity for bailing out German financial institutions.

Unless you move now, Mrs Merkel, you will share the same fate as Edward Smith, RD, RNR.

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