Don’t worry, America — Europe and the global economy will be just fine within a few years.
This was the final message heard by a group of over three hundred financial professionals, delivered in a presentation by a chief economist of a very large and respected firm that shall go nameless here.
But suffice it to say that given the daunting challenges facing Europe and the dire reality its nations are enduring, I was among many in the audience puzzled by the prediction.
I suppose it was at this point, with the speaker’s proud admission to spurning automobiles and embracing public transit to avoid feeling the sting of gasoline price spikes, that the last semblance of nonpartisanship left the stage. But the speaker’s credibility still had fathoms to go before hitting rock-bottom, which was handily reached by touting subsidized industry here and green energy reform there, culminating in the outrageous reasoning behind the prediction of the forthcoming and almost immediate European recovery.
In the concluding thoughts, the speaker assured the audience that Europe is not going it alone, citing section 14-b of the Federal Reserve Act:
Every Federal reserve bank shall have power: To buy and sell, at home or abroad, bonds and notes … fully guaranteed as to principal and interest by, a foreign government or agency thereof[.]