SocGen’s Dylan Grice on Nationalism, European Debt Crises, and When to Sell Gold

April 14, 2011

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While France and Germany dominate EU policy, smaller countries are beginning to balk at bailouts with nationalistic parties gaining support.

I believe what we are seeing is the beginning of the eurozone’s credit crisis, not the end. The historic and psychological evidence clearly links economic dislocation with the scapegoating of out-groups and, of course, the eurozone edifice stands increasingly lonely and tall as a lightning rod for the latter. I believe the likelihood is that over the course of the next decade or so, the trend will be towards greater fiscal problems and greater economic problems. I believe these problems will increase the temperature of debates about whose fault it all is, and that as the conclusion to these debates becomes more polarized they will play into the hands of nationalist, anti-immigrant and increasingly, anti-euro sentiment.


further reading: businessinsider

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