Europe, Where?

Sticking with my “USA Kicks Ass” revelation, I just can’t be afraid of Europe.

I mean, sure Greece is now running weeks over the threshold for reaching agreements with their private creditors, and their people are rioting in the streets in opposition to any further austerity measures…measures that are being demanded by the people with the power to deny them a bailout. But I’m sure they’ll all come together and play nice just in the nick of time.

Oh, and don’t look now, but the commentators who have been parroting “Portugal is not Greece” are getting ready to eat their words – again. Rumors are that Portugal is presently hiring a consultant to help them restructure their own debt. Yes, once again, bank analysts repeating that Portugal will not restructure until they are blue in the face, it seems have indicated that restructuring is actually imminent.

If Greece and Portugal both restructure, I wonder what the Irish will do? And each country that restructures is another slap in Germany’s face. Let’s not forget, Germans are not big on these open ended commitments to the vast debts of foreign nations that, at one time, Germans used to invade for sport.

And of course, there’s the ECB. Soon, very very soon, markets will have to accept that the sums of new money being prin – er, excuse me, “loaned” – to Europe from their central bank are going to render the euro worth much less against the dollar. The latest I have heard from bank analyst “experts” is under 1.2 (I think it was 1.13). But who are we kidding? These guys are always rosy.

I’d guess par is totally attainable this year. All you need is one trillion new euros printed. Wonder what that’ll do to US manufacturing?

But you know what; I don’t care about any of these things, because America is back. We are going to punch holes through mountains, because the EU doesn’t matter to us. Mind you, I’m not putting any money on that outcome. But I will totally continue to cheerlead it.

That makes everyone feel better, right?