The Gold Report: Back in January you said the European Union (EU) would have to make serious political decisions with “major economic consequences” in 2012. Is the EU making those decisions and what is your prognosis?
John Mauldin: It is doing its best to avoid making decisions, but is being forced to make them, ad hoc. The EU allowed the European Central Bank (ECB) to print money to monetize debt. The ECB is buying time for governments to achieve structural reform.
Structural reform, not the debt, is the problem. The debt is a symptom of bad policies, of a system set up for failure. The EU … [visit site to read more]
