Saving the Euro, at any cost, has been a mainstay of politicians throughout Europe. It has been our contention that the Euro will eventually collapse because of the social stresses caused by the economic stresses of keeping it together. The unemployment rate in Spain is almost matching that in Greece and more people are forced to forage through trash for food. What makes this headline scarier is the unemployment rate among the young is over 50% and there is little prospect for improvement in the foreseeable future.
To save the Euro, Germany must redistribute its wealth to poorer countries. This does not sit well with German citizens. Fragmentation, not only between countries, but within countries, is beginning. In Germany, Bavarians are rumbling about independence. Bavarians neither want to fund Europe nor the rest of Germany. Catalonia, the productive region of Spain, announced they will have a referendum on independence on November 25th. This independence would be similar to America’s independence from England. It seems to us that the elites around the world don’t understand self-determination. The U.N. now wants to tax citizens around the world. This may be the start of the end for the U.N.
What does all of this mean? The problems in Europe have not been resolved. These issues will continue to cause uncertainty throughout Europe, prolong the recession and be a drag on world economies.
Sincerely,

Your THOR Team