Euro area crisis

Also du musst jetzt einfach Scott Bessent, der wirklich smart ist, vertrauen.

Das ist so wie damals die Frau Merkel, äh, in der Euro-Krise gesagt hat: „Ja, äh, eure Einlagen sind gesichert", ne.

Ist natürlich 'ne Lüge.

Wissen wir alle, ja.

Europe is a diverse, culturally rich and fascinating continent, but increasingly looks an economic basket case facing economic and demographic decline.

It's suffering economic PTSD, that's post-traumatic stress disorder, after successive shocks from the banking crisis, the sovereign debt crisis and now an energy crisis.

Now it's being squeezed between an unreliable USA and China's proxy, Russia.

Maybe that's the challenge it needs.

Anyway, the key takeaways this morning are the geopolitical fragmentation of the Western Alliance raises serious challenges for Europe.

Europe should be economically more significant, but its history and political fragmentation has held it back.

It has been scarred by economic crisis, the 2008 global financial crisis, the sovereign debt crisis that soon followed, a new Ukraine oil shock, and now the post-NATO era challenge to defence.

And the key economic weakness is the lack of depth to its capital markets.

And the US equity market is up 1,100% since the week after 9-11,

with a global financial crisis, a European debt crisis, a global pandemic all happening in between.

Hold on to that line.

Remember that line, that in the immediate aftermath of this 9-11 tragedy, through all of these other events, as we sit here right now, for the reasons of outline today, markets are up 1,100%.