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Jeff Saut: Europe Can’t Be Fixed Until It Addresses Its Systemic Problem
Jeff Saut, Chief Investment Strategist for Raymond James, thinks Europe recently took some steps in the right direction in addressing its debt crisis.
“I think Europe took a step in the right direction a couple of weeks ago,” he said in an interview with King World News. “It was consistent with what I’ve been saying year, that when push came to shove that politicians, bureaucrats and bankers are the same over there as they are over here, and when you get to the ‘nth’ hour they are going to paper over ‘Euroquake’ and try to buy more time.”
But ultimately, he does not think the problems with Europe and the Euro can be fixed.
“The systemic problem being, you cannot have a unified currency without a unified fiscal policy and they never had that. So you’ve had this complete misallocation of capital that left the Greece’s of the world totally uncompetitive with the Germany’s. I don’t know if you can fix that.”
While it is certainly good to see Europe take steps in the correct direction, buying time rather than attempting to fix the inherent problems in the Eurozone may lead to future economic issues.
Saut also spoke about stocks and oil. Read more at KingWorldNews.com.