"The Self-Fulfilling Crisis Is On"

When a nobel-prize winning economist comes on and says, in effect, "There it is. That was the bad sign that we've been waiting for. It just happened today." Then you know we're in deep.

Did the euro just enter its death throes?

By resigning from the ECB, Juergen Stark has conveyed, deliberately or not, the message that there will be no ... lender of last resort, that there isn’t enough political cohesion in the eurozone to stand behind countries under market attack. And this translates directly into soaring spreads for Spain and Italy; the self-fulfilling crisis is on.