Never mind the bond yield graphs. If you really want to know how bad things have got for the Euro, have a look at where Roger Cohen is at in the NYT this morning:
Is the euro to the early 21st century what the League of Nations was to the early 20th: a fine idea that became a political orphan and was condemned to unravel?
Ouch – League of Nations comparisons? Seriously? For those of you in need of a silver lining, le voila (such as it is):
Yes, the League of Nations collapsed, but it did lead to the United Nations. The euro may also unravel but the idea is too good not to return in force. Between the League and the U.N. lay catastrophe. From here to euro 2.0 is not going to be pretty.
