While I opted for balanced eloquence over sass in my bitcoin treasury company article yesterday (#1019584), in this Daily Economy article the fury is unleashed.
Max sass, ruthless implementation
Last month, Lagarde was out making noise in the Financial Sycophant Times (#1008487) and as always the Stackers had advance warning for my writing:
...Lagarde was out swinging in the Financial Times. Somehow she, or her advisors, are under the impression that this is Europe’s moment. With President Trump holding the US on the ropes and the dollar in retreat, the excellently planned and flawlessly governed supranational creation, the euro, is the go-to replacement.
The op-ed in the Financial Times goes on to explore how “economic strength is the backbone of any international currency.” A dispassionate observer would soon disqualify the eurozone, having flirted with recession and growth around zero percent for years, the world’s worst fertility prospects, record-high electricity prices, no energy sovereignty — and just over a decade ago was on the precipice of falling apart under the heavy weight of government profligacy. Most people don’t realize that the American and euro area economies were roughly about the same size in the 1990s, and again around the global financial crisis, but that the US economy is now some 77 percent larger. By most accounts, economic life — “strength” — is better in America, no matter what strange ideas come over orange men in white houses.
The euro is gonna replace dollars in global dominance or FX reserves? Bitch, pleeeease. A dying museum-slash-nursing home filled with backward/socialist bureaucrats. Uh-uh. Plus, the issues facing European capital markets and being hopelessly behind means they'll neeeeever get there.
Here's the gem:
"All Europe has to offer the world is professional soccer and nursing homes; centuries-old architecture and over-regulated, tourist-infested beaches."
Go read the whole thing; it's pretty great.