Michael H. suggested this article: Is Europe heading for a meltdown? Mervyn King, the Bank of England Governor, summed it up best: “Dealing with a banking crisis was difficult enough,” he said the other week, “but at least there were public-sector balance sheets on to which the problems could be moved. Once you move into sovereign debt, there is no answer; there’s no backstop.”
Roubini: World at Risk of Double Dip Recession for Years. (A hat tip to Brett G. for the link). Brett’s comment on article: “Wouldn’t that be called a Depression’?”
Thanks to Brian B. for sending this: Gold Rises to Two-Week High on Demand for Alternative to Euro
I saw this over at Tamara’s View From The Porch: My big fat Pennsylvanian credit rating
Items from The Economatrix:
General Strike Looms as Spain’s Credit Rating Falls
Warning Signs of Full Spectrum Collapse are Everywhere
Most Over-Valued Region in San Francisco Gets Taste of Commercial Real Estate Bust
Down, Not Out (The Mogambo Guru)