Last week’s news made us mull over the general weather situation by the political and economic horizon. I think the most important point what it is all about is this:

Before doing anything else the financial markets decided to lay bold odds against Europe and its touch-and-go Euro. Compared with the US equivalent, the price losses far above average in the European stock markets have been showing for a certain time that considerable lots of money are being withdrawn from Europe.

Last week a re-stacking began – out of the Euro into the US$ and other 15 of its most traded counterparts – that’s going to weaken the Euro continuously during the coming months. The well known US$-safe hafen card is lying on the table again, all of a sudden.

As if a world-wide noticeable economical downswing weren’t bad enough per se, I think I can furthermore make out some tendencies that are looking like an open raging bank war. In 2008 we saw such a halting interbank trade already.

In this situation the individual banks prefer to invest their money in "their respective central banks" rather than loan it mutually. The US rating agencies would never think of devaluating Goldman Sachs or JP Morgan because of their Greece debts whereas a speedy/immediate devaluation of the French big banks is being discussed because the latters would be most affected by the soon expected (from the American point of view) Greece default.

For me it’s obvious that the American big banks, supported by their government are trying to incorporate a considerable piece of the large European bank cake during the regrowing world economic crisis (just like they did in their home market with Lehman Brothers in 2008) forcing the European banks to defend themselves backed by their respective governments.

The defense reaction of the European governments became manifest last week when the Swiss National Bank (SNB) was tugged into the boat and the Swiss Franc had to couple with the Euro. The European consensus was to be demonstrated thus – WE are a COMMON economic area, we stick together… that’s the motto.

Whereas in autumn 2008, on both sides of the Atlantic they still printed Fiat Money like mad that’s not possible any more today. Aside from the confidence in the banks, governments, currencies now the western central banks are also starting to lack in powder. Last week gold had to suffer from this circumstance.