Hugh Hendry delivered his usual eloquent and critical insights on the state of Europe. Beginning with the statement that "All of Europe has defaulted", the canny-wee-fella (translation: shrewd and cautious young chap) explained that "The political economy in Europe is such that the politicians chose to default on their spending obligations to their citizens in order to honor the pact with their financial creditors and so as time goes on, the politicians are being rejected."

http://www.zerohedge.com/news/hugh-hendr....

Couldn't happen to a nicer bunch of smug liberal ****s.

It's the reduction in spending that is being rejected. The populations want their skittles.

I've finally thought of the perfect analogy for describing the European and American populations during this economic slide into the abyss: remember the movie where Hannibal Lector (Anthony Hopkins) saws off the top of Ray Liota's skull, drugs him up and has him sitting at the dinner table? The western populations are the Ray Liotta character. Hannibal Lector is our bankers and pols.

Quote:

It's the reduction in spending that is being rejected. The populations want their skittles.

Maybe the narrative is closer to "if we can't have our handouts, neither can the banks"
Am I giving them too much credit?

"Maybe the narrative is closer to "if we can't have our handouts, neither can the banks""

That's how I read it.

His take on the dollar though was unicorn/skittle like.