Weekend June 17, 2012
The real story on Europe as Bret Stephens noted on the Wall Street Television show is the collapse of the Western European Welfare State. After decades of living under the US Nuclear Umbrella, never providing for their own defense, and offfering lavish cradle to grave progams the entire structure has collapsed under its own weight. Here is a graphic representation, indeed, Money Never Sleeps and Always Seeks a Productive Home.
The red black lines are Singapore via the EWS. The solid blue line is the French Stock Exchange. We have previously noted France enver really recovered from 2008 and is trading at those levels already.
Singapore howev ever has rebounded nicely.