Mike Shedlock on the Spexit, the Grexit and running for the eurozone exit!
The ECB says Europe needs new tools to fight bank runs and boss Mario Draghi says the lesson from Spain's Bankia was that the supervision of eurozone banks should rest with a central authority, not national regulators. Isn't that what we have in the US now with the Federal Reserve? How's that working out? Speaking of Spain, will we see a SPEXIT before a GREXIT? Mike Mish Shedlock is here to talk about why that could be the case. And last but not least, subsidized firms are struggling, according to the Wall Street Journal. So what was the problem? Government grants were linked to production calendars and not to market demand. A great example of what happens when government picks winners and losers?