commodity/currency

Most adults today still know the story of the Hindenburg disaster. Like dozens of airships before it , the Hindenburg German passenger airship LZ 129 Hindenburg caught fire and was destroyed. The actual cause of the fire remains unknown, although a variety of hypotheses have been put forward for both the cause of ignition and the initial fuel for the ensuing fire.

Italy’s deficit is 120% of GDP. To put that in context if Italy was a person earning £100,000 a year, that person would have £120,000 worth of debt. Now imagine all the interest payments on that debt and all the normal costs that ‘person’ would have as well. Rent / Mortgage, utility bills, insurance, travel costs… the list is exhaustive. Even the most affluent would appreciate the difficuly in balancing this particular persons books!

Time makes fools of us all. Just two weeks ago European leaders met for the tenth time to finally sort out the mess Europe’s economies have found themselves in. Europe’s leaders thought that by extending the remit of Europe’s rescue fund, the EFSF, they would be given a summer break of two or three months. In fact they got two weeks. Why?