Two words, one Iron Lady — Margaret Thatcher.   The Eurozone is having the debate today that the Brits had in 1990.

“A single currency is about the politics of Europe.   It is about a federal Europe by the backdoor.”                       

– Margaret Thatcher,   October 30, 1990

Our perception is the political will for a federal Europe currently does not exist.   The Germans and northern Europe do not want to open their checkbook and southern Europe does not want to give up their national sovereignty.

Our bet?  Germany bows out and a new Deutsche Mark (northern Euro)  zone evolves.

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