EU

EU leaders gather for an informal dinner in Brussels, but the main course will undoubtedly be the Eurozone's crippling debt crisis. There's a growing belief that the austerity driver heralded by France and Germany has backfired, sending weaker countries into a spiral of decline.

01-25-12 FSC Letter to Secretary Geithner

 From Bloomberg:

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 Here is a perspective on the size of reserves held by BRIC coutries and Japan versus US and EU.  Notice the reserves of Libya before EU and the US helped themselves to the reserves,  The size of Libyan foreign reserves explains the true reason of the war and the subsequent invasion.

Over the past few months financial media reported: